Bitcoin slides after U.S. data; $427M of longs liquidated

On June 25, Bitcoin’s attempt to reclaim $60,000 reversed after a bundle of U.S. economic releases. The crypto briefly fell from an intraday high near $61,844 to a low around $58,189 before recovering to trade near $59,630.

CoinGlass reported roughly $482 million in liquidations across crypto markets in one hour, with about $427 million tied to long positions and about $54 million to shorts. Bitcoin accounted for approximately $272 million of the total liquidations.

The data releases included May personal income and outlays, the second revision to first-quarter GDP, weekly initial jobless claims and the advance durable goods report. Personal income rose 0.7% and disposable personal income rose 0.7%. The headline PCE price index increased 0.4% month over month and 4.1% year over year, and core PCE rose 0.3% month over month and 3.4% year over year. Real personal consumption expenditures rose 0.3%. The first-quarter GDP revision lifted real growth to a 2.1% annualized rate from 1.6%. Initial jobless claims fell to 215,000 from a revised 227,000. Advance durable goods orders fell 4.5% in May on transportation weakness, while orders excluding transportation rose 1.3%.

U.S. equity and rates markets moved alongside crypto. The S&P 500 ETF slid from the high-$730s into the $728–$730 area before rebounding to about $737 on the latest 30-minute candle. The dollar index eased from roughly 101.8 to about 101.376 and the U.S. 10-year Treasury yield moved from the upper-4.4% area to about 4.374%.

Market participants were also tracking crypto-specific technical and flow points. Traders noted liquidation risk near roughly $57,300, ETF-related flow pressure around $58,000 and positioning tied to quarterly options expiry. Bitcoin had recorded an 8.01% seven-day decline and about $48 billion in 24-hour trading volume ahead of the release.

As of press time, Bitcoin remained below its intraday high and continued to trade near $59,630.