Bitcoin Sparks $600M Hourly Liquidations With $65,000 Set To Become Resistance

Bitcoin’s slump to 21-month lows accelerated alongside US stock volatility after three-year-high PCE inflation data helped unsettle markets. At the Wall Street open, BTC hit roughly $58,000, its lowest level since September 2024, after US Personal Consumption Expenditures (PCE) inflation rose at a 4.1% annual rate in May, a record for three years. The report also showed PCE increased 0.4% from April to May, and core PCE—excluding food and energy—rose 3.4% year over year. The inflation shock triggered rapid equity swings, with the Nasdaq 100 falling about 2% within 30 minutes at the open. Bitcoin’s move coincided with long-position liquidations exceeding $600 million in a single hour, according to CoinGlass. Market commentary suggested forced position squeezes, while traders flagged a weakening $60,000 support and potential resistance near $65,000. As BTC attempted a modest rebound, analysts referenced the likelihood of further downside follow-through and broader 2022-bear-market-style behavior.