Bitcoin Bounces to $59,800 From $58,000 Low as Asian Stocks Fall and $1 Billion in Longs Get Liquidated

Bitcoin pulled off a modest recovery Friday morning, climbing from a 24-hour low of $58,188 back to around $59,800 up 2.7% from the overnight bottom but still down over 5% on the week and nearly 20% for the month.

The bounce came as Asian equity markets took a beating. South Korea’s Kospi fell 8% and Japan’s Nikkei dropped 3%, following a rough overnight session on Wall Street where Apple and other major tech stocks cratered after announcing price hikes on laptops, tablets and other products, citing rising costs.

Over $1 Billion in Crypto Positions Got Wiped Out in 24 Hours

The past 24 hours delivered one of the more brutal liquidation events of the year. More than $1 billion in crypto positions were liquidated according to data from CoinGlass, with long positions accounting for $842 million of the total damage. Around 148,500 traders were wiped out. Bitcoin led all assets with $489 million in liquidations, followed by ether at $295 million. The single largest position to go was a $38 million bitcoin dollar bet on Hyperliquid.

Bitcoin is now trading back inside the $58,000 to $62,000 range it has been churning through all week, with its 24-hour low sitting uncomfortably close to the $58,000 level where another $1.6 billion in leveraged long positions are still clustered.

This Range Has Held Before — And Today’s Expiry Matters

Today also brings the quarter-end options expiry one of the largest liquidity events of the year. A large volume of options contracts expire simultaneously, which can amplify moves in either direction as traders close or roll positions. How bitcoin finishes today’s session will likely set the tone heading into July.