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#BTCProbes60KKeySupportLevel

BTC Probes $60K Key Support Level — $600M Long Liquidations Wipe Out Leveraged Bulls

Bitcoin has crashed through the psychologically critical $60,000 support level, trading at $59,851 as of June 26, marking a 1.7% decline over 24 hours and extending a brutal selloff that has wiped roughly 23% off the top cryptocurrency over the past month. The plunge toward $59,000 triggered more than $600 million in long liquidations in a single session, with total crypto market liquidations surging past $1.8 billion across exchanges — one of the largest wipeouts recorded in 2026. The intraday low of $58,131 on June 25 was Bitcoin's weakest level since September 2024, breaching the January reference low and printing a third consecutive TBO Breakdown signal.

From a technical standpoint, the picture remains fragile. Bitcoin has broken below its 200-week moving average, a historically significant level that signals a bear market regime. The bear flag pattern that has been building since the October 2025 all-time high near $126,000 continues to play out, with projected downside targets near $47,000 if the pattern fully resolves. The Kobeissi Letter now assigns a 64% probability to Bitcoin falling below $50,000 in 2026, with a 46% chance of sub-$45,000. Spot Bitcoin ETF outflows are compounding the pressure: U.S. spot ETFs recorded net outflows of $113.78 million on June 23 alone, with weekly outflows hitting $181.96 million.

The macro backdrop is equally challenging. The U.S. core PCE inflation gauge rose to 3.4% year-over-year in May, the highest since October 2023, while headline PCE accelerated to 4.1%. The Federal Reserve, now under Chair Kevin Warsh, has opened the door to potential rate hikes, crushing any remaining hopes for rate cuts. A strengthening U.S. dollar index continues to pressure risk assets broadly, and Bitcoin is no exception.

For traders watching this space, the $59,000 daily close level is the most critical reference point right now. Intraday wicks below are concerning, but it is the daily close that determines whether the bear flag continuation accelerates or whether a relief bounce materializes. Support at $58,000–$59,000 is the last meaningful buffer before the $47,000 projected target comes into play. Resistance sits at $61,000 and then $65,000. Elevated volatility is expected to persist as roughly $10 billion in options are set to expire, which could fuel further selling pressure. Position sizing and disciplined risk management are paramount in this environment.