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BTC falls below $59,000, with nearly 80% of long positions liquidated—is the market bottoming out?

BTC falls below $59,000, with nearly 80% of long positions liquidated—is the market bottoming out?

AiCoinAiCoin2026/06/26 01:55
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BTC is currently trading near $59,278, down 2.40% in the past 24 hours and 5.68% over the past 7 days. The Fear & Greed Index has dropped to 13, indicating market sentiment remains in the extreme fear zone. In the past 24 hours, total liquidations across the market reached $3.05 billion, with long positions accounting for $2.41 billion, nearly 80% of the total. This shows that the current downturn mainly triggered a concentrated flush-out of leveraged longs, alleviating overheated sentiment to some extent. However, open interest remains elevated, meaning deleveraging is not yet complete. The market is now closer to a recovery phase after risk release, rather than having confirmed a bottom.From the price action, after BTC's sharp decline, significant buying has emerged in the $58,000 to $60,000 range, with spot orders concentrated around $58,000, $59,000, and $60,000, providing short-term support. At the same time, BTC perpetual contract funding rates have turned positive from negative, indicating some shorts have started to take profits, creating a technical rebound demand in the short term. However, the $60,000 to $60,200 zone remains a key resistance area; if it cannot be breached with strong volume, the price may revisit $58,000 or even $57,000, with the market likely to continue consolidating and forming a bottom.In terms of opportunities, after extreme fear and concentrated long liquidations, long-term investors may consider scaling in to BTC positions gradually to reduce volatility risk through position management. In the short term, it is advised to wait for a rebound to resistance levels before looking for trading opportunities based on volume and price structure. On the other hand, SOL is one of the few major coins experiencing a net capital inflow, and with continued accumulation by some whales, its short-term performance may continue to outperform the overall market. However, it is best to avoid chasing highs and consider buying on dips after pullbacks.Currently, the US dollar remains strong, and the macro environment continues to weigh on risk assets. If BTC breaks below the $58,000 support, further testing of the $57,000 to $55,000 range cannot be ruled out. Until a reversal trend is confirmed, it is recommended to focus mainly on spot allocation, control position size, and maintain low leverage in contract trading.
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