Bitcoin price today fell below $63,000 as the cryptocurrency market endured its worst two-day liquidation in months, with bearish sentiment intensifying across derivatives markets.
Quick Facts
- Bitcoin traded around $62,411 on June 5, 2026, down from Thursday’s opening of $63,812
- The cryptocurrency plunged to $61,300 before recovering to $62,500 on June 4
- $3 billion in leveraged positions were liquidated over two days as traders unwound bets
- Bitcoin is down 13.2% over the past week and 20.1% over the past month
Bitcoin crashed to $61,300 during Asian trading hours on June 4 before bouncing back, but the intraday volatility triggered a wave of forced liquidations. According to CoinDesk, roughly $3 billion in leveraged positions were wiped out over the two-day period, with $1.7 billion of that occurring in a single 24-hour span.
The selling pressure reflected a combination of leverage unwinding, macroeconomic uncertainty, and a fundamental shift in market structure. Open interest—a measure of outstanding futures contracts—fell 8.5% to $111.4 billion, signaling that traders were closing long positions rather than adding new bullish bets.
Derivatives Signal Deeper Weakness Ahead
Derivatives markets are firmly in bear territory. Put skews have strengthened on bitcoin, meaning investors are willing to pay a premium for downside protection. The $60,000 strike put on Deribit carries over $1 billion in notional open interest, suggesting traders anticipate further declines if bitcoin approaches that level.
The broader tone from derivatives is unambiguous. The 24-hour cumulative volume delta across the top 20 tokens is negative, reflecting aggressive selling at market prices rather than limit orders. Implied volatility indexes for both bitcoin and ether have surged over the past three sessions, indicating heightened expectations of continued price swings.
Broader Market Context
Investors appear to be abandoning crypto to pursue artificial intelligence narratives in traditional markets, compounding geopolitical uncertainty and structural fragility left over from October’s leverage wipeout. Ethereum fell alongside bitcoin, trading near $1,676 as of Friday morning, down 2.4% from Thursday’s open and 24.6% over the past month.
The crypto market’s weakness also coincided with strong U.S. employment data released Friday morning, which raised expectations for higher interest rates. The economy added 172,000 jobs in May, more than double economist forecasts, keeping pressure on risk assets including bitcoin.
Related: Ethereum price falls to $1,730 as market pullback deepens
Sources
- CoinDesk — Bitcoin’s crash to $61,300, $3 billion in two-day liquidations, derivatives positioning, and open interest data
- Yahoo Finance — Bitcoin opening price of $63,812 on June 5, intraday price of $62,411, and weekly/monthly percentage declines
- YCharts — Bitcoin price of $63,796 on June 5, 2026