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Bitcoin declines to monthly lows, resulting in $464 million in liquidations as global market concerns rise.
On June 20, Bitcoin (BTC) reached its lowest price of the month, resulting in $464 million in liquidations across cryptocurrency markets as geopolitical concerns and significant selling pressure unsettled traders.
Bitcoin declined to a low of $102,225, reversing earlier gains after it was unable to surpass resistance levels above $106,000.
According to data from Coinglass, over $466 million in leveraged positions were liquidated in the last 24 hours. Of this total, $392.9 million originated from long positions, while approximately $73.4 million came from short positions.
Liquidations for Ethereum (ETH) amounted to $157.8 million, exceeding Bitcoin’s $124.1 million in the past day. More than 130,736 traders experienced liquidations during this latest downturn, with the largest single liquidation order on Bybit’s BTCUSD pair valued at $8 million.
At the time of reporting, Bitcoin was trading at $103,122 as bulls sought to maintain support above the $102,000 level established earlier this month. Meanwhile, Ethereum was priced at $2,412 after dropping to a low of $2,363.
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The broader altcoin market reflected Ethereum’s trend, reaching new monthly lows even as Bitcoin remained above $102,000.
This recent decline coincided with escalating geopolitical tensions in the Middle East, with reports of military actions reigniting risk aversion in global markets. Equities also experienced declines, and ongoing uncertainty may continue to exert pressure on digital assets in the near term.
Technical analysts cautioned that if Bitcoin closes below the critical $102,000 level, it could pave the way for further losses toward $100,000 or potentially into the mid-$90,000 range. However, the surge in liquidations and heightened negative sentiment might indicate a potential short-term bottom if buyers enter to absorb the sell-off.
Bitcoin has exhibited volatility throughout June, consistently testing resistance and support levels between $100,000 and its all-time highs. Despite the recent decline, the leading cryptocurrency remains approximately 40% up year-to-date, bolstered by strong institutional interest and new exchange-traded fund inflows earlier this year.
Market participants will be closely monitoring for signs of stabilization over the weekend, with particular attention on whether Bitcoin can maintain its position above the psychological support level of $100,000, a threshold traders consider crucial for sustaining bullish momentum.
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