Bitcoin broke through $59,000: a wave of sales worth $4 billion in two hours — what is behind the crash?
The market for the first cryptocurrency has experienced a powerful shock: Bitcoin has crashed below the $59,000 mark, with aggressive selling volume exceeding $4 billion in just two hours. This event is the most significant since the beginning of May, and behind it lies not a random spike, but a targeted selling pressure.
My analysis of data from Binance shows that in the first hour, the volume of forced sales (taker sell) amounted to about $2.1 billion, and in the second hour, another $1.9 billion. This is the first time since May 4 that the hourly indicator of aggressive sales has exceeded $2 billion. This dynamic points to a concentrated, rather than gradual, decline—sellers acted decisively, leaving the market no time to adapt.
It is important to emphasize: the sell-off was not a one-time event. Two consecutive hourly surges of $2 billion each indicate that the pressure persisted as Bitcoin broke through the key level of $59,000. This resembles a short-term capitulation, but data on liquidations, open interest, and funding rates are needed for final conclusions.
Spot Volumes: Returning from a Three-Year Low
Alongside this, another important trend is emerging—the recovery of spot volumes. After an eight-month decline that brought turnover to a three-year low, June has finally reversed the trend. Binance led in spot activity with nearly $50 billion for the month, followed by Coinbase ($32 billion), Gate ($25 billion), and Bybit ($24 billion).
This surge coincided with Bitcoin's attempt to find a bottom around $60,000. The increase in volumes reflects not a reversal upward, but a heightened willingness among market participants to act. Selling pressure is being absorbed for now, but this does not guarantee stabilization—rather, it indicates high volatility and a struggle between bulls and bears.
Expert opinion from Cryptalist: Breaking through $59,000 is not just a technical breach, but a signal of a shift in sentiment. If sellers continue to apply pressure with the same intensity, we could see a test of the $55,000–$57,000 zone. However, the rise in spot volumes suggests that buyers have not left the market—they are waiting for more attractive prices. The key question is: can Bitcoin hold above $58,000 in the next 24 hours? If not, the correction could drag on.