Bitcoin dropped more than 6% in the past 24 hours, hitting an intraday low of $66,948 early Tuesday. The move wiped out roughly $1.35 billion in long positions, deepening the selloff as cascading liquidations forced more sellers into the market.
A $1.35 billion liquidation cascade
When leveraged long positions get blown up, the forced selling creates a feedback loop. That's what played out overnight. As Bitcoin slipped below key support levels, exchange engines started closing out overleveraged traders. The $1.35 billion in liquidations — concentrated on Binance, OKX, and Bybit, according to data — accelerated the slide, turning a normal dip into a sharp flush.
Bitcoin's rough start to June
June began with Bitcoin trading just above $71,500. The drop to $66,948 marks a multi-week low and erases most of the gains from late May. The speed of the move caught some traders off guard — open interest dropped fast as leveraged positions unwound.
The timing isn't great for bulls who were hoping for a summer rally. With $1.35 billion in longs cleared out, the market is now reset. Whether the selling exhausts here or tests lower levels is the open question, but for now, Bitcoin is sitting below $67k and traders are watching the $66,000 zone.
