The cryptocurrency market faced intense downward pressure on Thursday, June 5, 2025, with Bitcoin (BTC) dropping sharply to $100,992.72, raising alarms across the digital asset landscape. In just 24 hours, over $595 million in crypto liquidations have occurred, sparking fears of a deeper correction.
📉 Bitcoin Slides Below Critical Levels
Bitcoin is down over 4% on the day, marking one of its steepest single-day losses this quarter. The pullback follows a failed attempt to hold above the $104K–$105K consolidation zone, a key support area that had previously acted as a launchpad for BTC’s recent highs above $111,000.
Analysts cite increased selling pressure, surging liquidation volume, and a loss of bullish momentum as key drivers behind today’s price action. Current price action reflects a possible retest of the $98K–$100K support band, which could either stabilize the market or trigger further downside volatility.
🔥 Over $595 Million in Liquidations Shocks the Market
According to Coinglass, more than 156,000 traders were liquidated in the last 24 hours, totaling:
- $595M in liquidations overall
- $547M in long positions wiped out
- $50M in short positions cleared
- $171M BTC liquidated, followed by $143M in ETH
The largest single liquidation occurred on Binance—an ETH/USDT position worth $9.48M.
The concentration of liquidated long positions underscores how leveraged bullish bets have turned sour in the face of intensifying market uncertainty.
🐋 Whale Activity and Exchange Flows Intensify
Large wallet movements have raised red flags:
- 917 BTC (≈$94.3M) moved to Coinbase Institutional
- 26.67M XRP transferred to exchanges
- 2.86 trillion SHIB sent from private wallets to trading platforms
Such flows typically suggest preparation for large-scale selling, especially when paired with declining momentum and a spike in sell-side volume.
📊 Market Overview
- Bitcoin: $100,992.72 (↓4.1%)
- Ethereum: $2,489 (↓3.73%)
- XRP: $2.13 (↓3.34%)
- Crypto Market Cap: $3.2 trillion (↓3.03%)
- 24H Volume: $105.55 billion (↑21%)
- Community Sentiment: Still 82% bullish—but fading
📉 What Comes Next for Bitcoin?
Technical indicators suggest that Bitcoin is at a make-or-break point. Should the $100K psychological level fail, a correction toward $95K or below is not off the table. However, oversold signals on several hourly charts hint at a possible short-term bounce—provided support holds.
