Bitcoin entered June following sustained pressure over the last 2 weeks. Tuesday’s session has experienced the price breaking the monthly open, $73,599, falling through the daily open, $71,408 and then coming with a session low of $68,872, which is currently located within the demand zone of $68,000-$70,000 which held as a consolidation for 2 months early 2026.
The Liquidation situation needs to be addressed
In the last 24-hours, $727.23 million, combining the long and short positions, was liquidated across the crypto market, impacting 136,369 traders. The data from the coinglass further highlighted that the largest single liquidation was a $23.99 million long at the centralized exchange, Binance BTC/USDT pair. This is not only a large number but also indicates the structure of the position that had been established back from the previous month. The longs were aggressively established into the top of the market, with a degree of leverage applied, most likely targeting the upper structure of the May range up to $83k, following Bitcoin seemingly holding up at $74k.
Once the price traded down and broke the monthly open, which also coincided with the weekly open. The breakdown of the price has now invalidated the longs where they were established on.
What the Chart actually highlighting at this point
The daily pattern for the BTC/USDT Chart also provides a clear outlook and it shows that the May push to new all-time highs just shy of $83,000, built on top of an already exhausting descending wedge pattern, could not hold above the all-time highs of the ~$82,000 area and broke short-term resistance of a descending trend line, providing sellers a strong signal. Selling from May highs has been somewhat methodical rather than panicked and this should be regarded as bullish from this perspective and the logical sell-offs are structurally more significant than steep corrections, as they tend to be indicative of distribution rather than reactionary fear.
So Bitcoin is currently changing hands in this green demand zone of $68k – $70k. Price is undoubtedly inside support, and markets have respected it before. The bull case is that the largest cryptocurrency must remain above the $68,000 area (daily close). A recovery to the $74,580 zone, which is the red line on the chart that also serves as an old pivot, was to be the first major structural reclaim. After that comes the macro bull invalidation area; it will be $65,592. A break below this level will completely reshape the macro.
The altcoins scenario
The overall market is also red, though the decline is not consistent. ETH fell by 0.35 percent on the day. This is significantly less steep than Bitcoin’s decline of 3.36 percent and 7 percent on the week. At $1,972, ETH is 60.18 percent below its high of $4,953. While the relatively good performance on Tuesday might indicate a rotation into ETH, it could also just be that ETH is already so pushed down that sellers don’t see much marginal gain in pushing it much lower. Neither interpretation is terribly bullish.
At $78.90 Solana is down 7.39 percent on the week and 73.19 percent from all-time highs, the deepest drawdown among major assets featured. 24hr volume is $3.58 billion, giving it some liquidity support, but at this level of depth from ATH, it is factoring in heavy doubt on short-term recovery.
XRP at $1.26 is down 6.63 percent week on week and down 67.12 percent from its ATH of $3.84. The $2.18 billion daily volume is pretty thin for a top five asset. No anomaly to point out here and as of the current situation, it seems to be moving with the overall market with no divergence to either side.
BNB is up 1.84 percent for the last seven days-the only top five asset not deep in the red weekly, amidst the overall flush out. Relative strength like that in a large market selloff could indicate real ecosystem demand or simply the exchange’s ability to shore up its own asset value. Regardless, BNB’s ATH drawdown at 50.80 percent means that compared to its peak price, it has drawn down the least.