Crypto News
Bitcoin dropped below $63,000 on June 4, marking its lowest level since February 24, as a fast-moving selloff triggered a wave of forced liquidations across the derivatives complex. Over $1.1 billion in levered crypto positions were wiped out in the past 24 hours, with the bulk concentrated on the long side.
Why it matters
Liquidation cascades are mechanical, not narrative — they accelerate any directional move by forcing margin calls into a thinning book of bids. A $1.1B 24-hour wipeout of this scale signals that leverage had built up aggressively on the assumption of range-bound or higher prices, and that a clean break of a known support level flushed that positioning in a single session. The move echoes the pattern of every major BTC drawdown since 2022: spot leads, perps lag, then the entire curve compresses as liquidations feed spot.
Market impact
The February 24 reference is the key technical anchor — BTC hadn't traded under that level in over three months, and breaching it on volume tends to invite further stop-loss selling and options-dealer hedging. With $1.1B already forced out of the system, the question isn't whether more pain sits in the queue but whether spot buyers step in at the new range or whether the liquidation flow continues to dictate price into the next session.
Frequently asked questions
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How low did Bitcoin drop and when was the last time it was this low?
BTC fell below $63,000 on June 4, 2026 — its lowest level since February 24, 2026, ending a three-month stretch above that price floor.
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How much was liquidated during the BTC selloff?
Over $1.1 billion in levered crypto positions were liquidated in the 24 hours around the move, with the majority concentrated on the long side.
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Why did Bitcoin drop below $63,000?
The drop was driven by a liquidation cascade — built-up long leverage was forced out once BTC broke a widely watched three-month support level, with margin calls accelerating the move.
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What was the February 24 level and why does it matter?
February 24 was the last time BTC traded below $63,000. That level had acted as a support floor for over three months, making its breach a meaningful technical event.
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What happens after a $1.1B liquidation flush?
Leverage is meaningfully lighter, but the technical chart is broken and positioning sentiment is damaged. The next session typically depends on whether spot buyers absorb the selling or forced flows continue.
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