Bitcoin Reclaims $64,197; $282.5M in Crypto Liquidations

Bitcoin rose to an intraday high of $64,197 on June 8, reversing a multi-day sell-off that had pushed the price below $60,000. The rally reduced bitcoin’s weekly loss to about 11% and lifted its market capitalization to roughly $1.27 trillion. The broader crypto market cap reached about $2.26 trillion.

Price action between June 7 and June 8 showed sharp swings. Bitcoin briefly fell under $61,100 on Sunday before rallying between 4 p.m. and 8 p.m. EDT on June 7 to just under $63,800. The token then consolidated above $63,000 with a short dip below $62,500. Renewed buying by 8:14 a.m. EDT on June 8 pushed the price to $64,197.

Derivatives platforms reported $282.5 million in liquidations linked to bitcoin positions, with short positions making up about $240 million, or roughly 85% of that total. Across the wider cryptocurrency market, total liquidations reached about $611 million, and short positions accounted for around $463 million of those losses. Traders using leverage had positions forcibly closed when prices moved against them.

The price swings coincided with an exchange of fire between Israel and Iran. Iranian ballistic missiles struck northern Israel in retaliation for Israeli operations in Lebanon. Many traditional markets were closed when the strikes occurred. Energy prices reacted: Brent crude approached $98 a barrel and West Texas Intermediate traded near $95 a barrel.

Asian equity markets were affected during the session. South Korea’s Kospi recorded one of its largest single-session declines, while Japan’s Nikkei fell nearly 4% before volatility moderated later in the global session and European markets closed with relatively small losses.

Derivatives data showed liquidations concentrated on short sellers, while traders holding long positions saw recoveries as the price climbed. The recent sequence of rapid declines followed by swift rebounds produced large, forced closures for leveraged positions on both sides of the market.

Bitcoin had lost nearly 20% of its value over the week preceding the rebound. Exchanges and market participants continue to monitor price, leverage levels and geopolitical developments for their potential impact on crypto markets.