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Bitcoin Recovers Above $64,000 as Derivatives Traders Trigger $282.5M in Liquidations
Bitcoin successfully returned to the $64,000 mark, interrupting a sharp multi-day decline that had previously pushed its price below $60,000.
Key Takeaways:
- On June 8, Bitcoin rebounded above $64,000, recovering after a multi-day collapse below the $60,000 level.
- The recovery lifted the total cryptocurrency market capitalisation to $2.26 trillion, despite rising tensions between Iran and Israel.
- Liquidations across the cryptocurrency ecosystem reached $611 million, hitting miscalculated short sellers hard.
Bitcoin Returns to $64,000 Amid a Geopolitical Storm
Bitcoin showed a resilient recovery, shrugging off escalating military clashes between Israel and Iran, and aggressively returned to the $64,000 mark. The cryptocurrency’s rapid rebound stands in sharp contrast to the brutal multi-day collapse just days earlier, during which it fell below $60,000 amid an aggressive sell-off that erased nearly 20% of its market value in less than a week.
Market data shows that before bulls initiated this sharp rally above $63,000, Bitcoin briefly dropped below $61,100 on Sunday afternoon, when geopolitical tensions in the Middle East reached a critical point. However, between 4:00 p.m. and 8:00 p.m. Eastern Time on June 7, the cryptocurrency began a rapid rise, briefly peaking just below $63,800.
Bitcoin then consolidated above $63,000, apart from a brief drop slightly below $62,500. By June 8, at 8:14 a.m. Eastern Time, renewed buying pressure triggered another move higher, lifting the cryptocurrency to a daily high of $64,197. Bitcoin’s overall 2% gain helped reduce its weekly losses to 11% and lifted its market capitalisation to $1.27 trillion. The recovery in Bitcoin and altcoins also helped raise the total market capitalisation of the crypto economy to $2.26 trillion.
Although most traditional markets were closed when Iranian ballistic missiles struck northern Israel — a retaliatory strike for Israel’s operations in Lebanon — the overnight attack sent an unmistakable signal of volatility ahead of Monday’s market open. The attack introduced a new wave of geopolitical risk to global markets, and traders prepared for a potentially chaotic start to the week as the conflict threatened to widen.
Energy markets reacted immediately. Concerns about supply disruptions were reflected in oil prices, pushing Brent crude to just below $98 per barrel and West Texas Intermediate (WTI) to $95 per barrel.
Rising geopolitical tension shocked Asian stock markets, leading to one of the sharpest single-day collapses in the history of South Korea’s Kospi index, while Japan’s Nikkei plunged by almost 4%. Panic eased later during the global session after clear intervention by US President Donald Trump, allowing European markets to digest the shock and close with minor losses.
Meanwhile, Bitcoin’s sharp reversal triggered a turning point in derivatives markets, punishing short sellers and throwing a lifeline to traders with long positions. Derivatives data shows a sharp polarisation in liquidations: short positions accounted for 85% — around $240 million — of the $282.5 million in crypto-only liquidations. Across the broader cryptocurrency ecosystem, total liquidations reached $611 million, with incorrect short bets bearing the brunt of the losses at $463 million.
See also: "Bitcoin Price Forecast: BTC Stabilises Above $60,000 as Saylor Hints at a New Buy Signal"
