Bitcoin retests June low after $850M liquidations rock crypto market

Bitcoin has fallen below $60,000 for a second time this month, triggering more than $850 million in crypto liquidations and sending Strategy shares to an intraday low of $92.28 as investors reacted to mounting pressure across digital assets and technology stocks.

According to data from crypto.news, Bitcoin ($BTC) price dropped nearly 6% to an intraday low of $59,175 before trading around $59,500 at press time. The move wiped out more than $850 million in leveraged positions, with long traders accounting for roughly $780 million of the total and short liquidations contributing about $84 million.

Selling quickly spread across major cryptocurrencies. Ethereum fell below $1,600 and traded near $1,590, while Solana slipped under $65 and XRP changed hands around $1.05. The total value of the crypto market declined to approximately $2.1 trillion, leaving the sector down about 3.6% on the day.

Bitcoin tests a key technical support zone

Technical indicators suggest Bitcoin has returned to a level many traders have been watching closely. The daily chart shows Bitcoin falling through a major support level and revisiting support around $59,200, a zone that aligns with the June lows.

$BTC falls to June lows near $59,200 while trading below key moving averages on the daily chart | Source: crypto.news

Commenting on the setup, crypto analyst Daan Crypto Trades noted that Bitcoin had reached its 78.6% Fibonacci retracement level from the previous rebound. According to the analyst, major local tops and bottoms have often formed after strong rallies retraced toward that level, making it an important area for bulls to defend before a possible break below $60,000.

$BTC Has made it to its .786 Fibonacci retracement level from the initial bounce.

If you've been following me for some time, you might have seen me post about these before.

Over the past few years, most of the major local tops & bottoms have been set after a strong bounce and…

The chart also shows Bitcoin trading below all key moving averages, including the 50-day and 200-day MA, while the Aroon indicator signals continued downside momentum. On the daily timeframe, Aroon Down stood at 100%, compared with roughly 36% for Aroon Up, indicating that recent lows have continued to dominate market structure.

At the same time, concerns about institutional activity added to market unease. Whale Factor highlighted on X that wallets linked to BlackRock had transferred roughly 2,700 $BTC, worth about $168.6 million, and nearly 53,000 ETH valued at around $88.1 million to Coinbase-linked addresses. The account suggested the transfers could precede selling activity, although no evidence has emerged that the assets were moved for that purpose.

Strategy shares underperform as criticism returns

The decline in Bitcoin coincided with a sharp drop in crypto-linked equities, with Strategy suffering some of the steepest losses. After closing the previous session at $103.84, the stock fell as much as 11% during trading and reached an intraday low of $92.28 before recovering slightly to trade near $95. The move left the shares down more than 8% on the day.

Source: Yahoo Finance

Pressure was not limited to Strategy. Shares of Strive, Bitmine, and SharpLink also declined, while crypto-focused firms including Coinbase, Robinhood, Circle, Galaxy Digital, and Bullish traded lower alongside mining companies such as IREN, Cipher, TeraWulf, and Hut 8.

Fresh criticism from Bitcoin skeptic Peter Schiff added another layer to the debate surrounding Strategys Bitcoin treasury model. Schiff argued that the company could consider selling part of its Bitcoin holdings to finance stock buybacks and reduce the gap between its market valuation and underlying assets.

He also claimed that any meaningful Bitcoin sale by Strategy could pressure the

cryptocurrency

market, though he questioned whether such a move would restore investor confidence.

Institutional fund flows have also weakened. According to Farside Investors, U.S. spot

Bitcoin exchange

-traded funds recorded roughly $180 million in combined net outflows on Monday and Tuesday. Spot Ether ETFs posted approximately $152.5 million in net outflows during the same period.

Those withdrawals arrived as investors continued reducing exposure to risk assets. Since mid-June, the S&P 500 has fallen about 3%, and the Nasdaq has dropped nearly 4%, while several large technology stocks, including Nvidia, Microsoft, and Apple, traded lower. With

With

Bitcoin price

back below $60,000, the cryptocurrency has returned to price levels last seen in October 2024, extending a difficult month for both digital assets and the companies tied most closely to them.