Bitcoin broke through $59,000: aggressive sales on Binance reached $4 billion in two hours
The Bitcoin market has experienced a powerful shock: leading analyst Amr Taha recorded that the price of the first cryptocurrency broke below the $59,000 mark amid an anomalous surge in aggressive selling on the Binance exchange. According to my data, the volume of taker sell transactions over two consecutive hourly periods amounted to nearly $4 billion.
Analysis shows that in the first hour, the volume of such sell-offs reached approximately $2.1 billion, and in the second hour, another $1.9 billion. Notably, the $2.1 billion figure marked the first time since May 4 that the hourly volume of aggressive Bitcoin sales on Binance exceeded $2 billion. This indicates concentrated, rather than gradual, selling pressure.
What is behind the selling pressure?
This dynamic suggests that sellers acted in panic, executing orders instantly at available bid prices. Two consecutive hourly readings of $2 billion confirm that the pressure persisted as Bitcoin broke through the $59,000 level. The combination of a break below $59,000 and multi-billion-dollar surges in aggressive selling resembles a short-term capitulation. However, additional data on liquidations, open interest, and funding rates is needed for final confirmation.
Spot volumes emerge from three-year low
In parallel, analyst Darkfost noted a recovery in spot volumes. June finally broke an eight-month decline that had pushed turnover to a three-year low. The largest spot volume came from Binance—nearly $50 billion for the month. It was followed by Coinbase with $32 billion, Gate with $25 billion, and Bybit with $24 billion.
This is the first month with a noticeable reversal in dynamics. It coincided with Bitcoin's attempt to find a bottom around $60,000, where a large number of coins changed hands. I attribute the volume increase to two factors: intensified selling at the beginning of the month, which dragged the price below $60,000 after May's peak of $82,000, and counteracting buying each time Bitcoin approached this level.
Both pictures complement each other: the surge in aggressive selling and the rise in spot turnover reflect sharply increased activity around the $60,000 level. However, in my assessment, the volume increase does not indicate an upward reversal—it merely reflects investors' heightened willingness to act in the market. And so far, the selling pressure is being absorbed reasonably well.
Cryptalist's expert opinion: The break below $59,000 and the $4 billion taker sell surge are classic signs of a panic sell-off, but the market is showing resilience. If buyers continue to absorb supply at these levels, we could see consolidation above $60,000 in the coming days. However, without an increase in open interest and stabilization of funding rates, the bearish scenario remains in play.