Key facts
- Bitcoin fell to approximately $61,300.
- Over $600 million in Bitcoin long positions were liquidated.
- Bitcoin recovered to around $64,690.
- The rebound coincided with reports of a ceasefire agreement between Israel and Lebanon.
Bitcoin's price experienced a significant drop toward the $60,000 level, leading to the liquidation of over $600 million in leveraged long positions. The cryptocurrency fell to approximately $61,300 before staging a recovery to around $64,690, marking a 5.52% rebound. This recovery occurred concurrently with news that Israel and Lebanon had reportedly agreed to implement a ceasefire. Despite this short-term bounce, market observers suggest that the broader technical setup for Bitcoin remains bearish, raising questions about whether the current recovery signifies a true bottom or merely a temporary relief after a flush of leverage. Bitcoin continued its bear market behavior, returning below $64,000 after Thursday's Wall Street open as bulls nursed 13.5% weekly losses.