More than $600 million in long Bitcoin positions were liquidated as BTC fell to $60,000. dollars

Bitcoin’s (BTC) low slide towards the $60,000 area has triggered over $600 million in long liquidations, raising questions about whether the recent bounce represents a true bottom or merely a post-leverage relief rebound.

Next, the BTC price may rebound towards $70,000

BTC fell to around $61,300 on Thursday before recovering 5.52% to around $64,690, with the rebound coinciding with reports that Israel and Lebanon have agreed to a ceasefire.

BTC/USD four-hour chart. Source: TradingView

According to the data resource, this volatile move resulted in the liquidation of over $737 million in BTC positions within 24 hours, with most of the losses suffered by long traders. CoinGlass.

Complete liquidation of BTC. Source: CoinGlass

More than $617 million in long positions were wiped out, showing how aggressively investors were positioning ahead of the selloff.

Still, Bitcoin’s edged 5.52% rebound has encouraged some traders to call for a bottom.

RidaaXBT Trader he said BTC could trigger a bounce towards the $69,000-$70,000 range, which means the liquidation sell-off may have exhausted short-term sellers.

Related: Analyst says Bitcoin’s lowest signals of 60k. dollars weaken the bear market forecast

ZordXBT Analyst common similar view, pointing to Bitcoin’s long dwindling wick as a sign that buyers have aggressively entered near the lows.

Source: X

On the other hand, cryptocurrency trader Hitman42.eth warned that BTC bulls may be celebrating too early, noting that Bitcoin’s rebound could end up trapping the bulls.

Source: X

Bitcoin bear flag keeps the 50k target in play. dollars

Bitcoin’s weekly chart continues to show an ongoing bear flag breakdown, maintaining the risk of a deeper decline towards the $50,000-$52,000 area. The setup follows BTC’s failure to reclaim the flag’s upper trendline, with rising volumes adding weight to a move lower.

BTC/USD weekly chart. Source: TradingView

However, the bear scenario will not be confirmed until BTC is trading above its 200-week elementary moving average (200-week SMA, blue line) at around $61,800. This level has acted as a major cycle low zone in previous Bitcoin bear markets, including 2015, 2018, and 2020.

A forceful rebound from the 200-week SMA would weaken or potentially invalidate a bear flag breakdown, putting the BTC price in a position to test $70,000 as the next upside target.