Bitcoin broke through $59,000: aggressive selling on Binance reached $4 billion in two hours
The market for the first cryptocurrency experienced a powerful shock: the Bitcoin price crashed below the $59,000 mark, with aggressive selling volume on Binance exceeding $4 billion over two consecutive hours. This event became the largest surge in selling pressure in recent weeks.
Analyzing the data, I see a clear picture of a concentrated sell-off rather than a gradual decline. In the first hour, the volume of taker sell trades reached $2.1 billion, and in the second hour, another $1.9 billion. Notably, the $2.1 billion figure was a record since May 4: this is the first time hourly aggressive selling volume on Binance has exceeded $2 billion.
What lies behind the selling pressure?
This dynamic points to a one-time capitulation of short-term holders, rather than a prolonged bearish trend. Two consecutive hourly figures of $2 billion suggest that sellers acted in panic, breaking through the $59,000 level. However, to confirm a full-fledged capitulation, additional data on liquidations, open interest, and funding rates is needed.
Spot volumes return from a three-year low
Notably, June broke an eight-month decline in spot volumes, which had dropped them to a three-year low. Binance led in turnover with nearly $50 billion for the month. It was followed by Coinbase ($32 billion), Gate ($25 billion), and Bybit ($24 billion). This is the first month with a noticeable reversal in dynamics, coinciding with Bitcoin's attempt to find a bottom around $60,000.
The increase in volumes in this case does not indicate an upward reversal—it merely reflects investors' heightened desire to act. Selling pressure is being absorbed reasonably well for now, but the market remains extremely volatile.
My analysis: The current situation resembles a classic "bear trap," but the risk of further decline persists. The key level for recovery is $62,000. If buyers cannot hold above this level, the next target for sellers is $56,000.