Bitcoin Liquidation Hits $202M as Analysts Eye Next Breakout
Bitcoin’s sharp pullback on May 30 triggered a wave of long liquidations across Binance, totaling $202 million.
According to the information this was the third-largest liquidation event in May, following $277 million on May 23 and $211 million on May 12, according to data shared by CryptoQuant’s Burakkesmeci.
The liquidations occurred as BTC briefly fell from highs near $111,000 down to $104,600. This aggressive shakeout, fueled by overheated leverage, may now be setting the stage for a more sustainable uptrend.
Analysts note that these wipeouts tend to flush out weak hands and speculative excess. As Burakkesmeci highlights, the removal of overleveraged positions could offer “breathing room” for bulls to regain control.
Fib Targets in Sight Despite Recent Shakeout
While some traders fear deeper corrections, long-term technical analyst Dave the Wave sees bullish continuation ahead. In his latest update, Dave shows BTC’s price action remains within a strong ascending channel that began in 2023.
He argues that even with a 38% consolidation off recent highs, Bitcoin could still reach its Fibonacci extension target. His chart suggests a potential breakout zone around the $140,000–$160,000 range over the next major leg up.
The MACD remains in bullish alignment, and structural support levels have held firm throughout recent volatility.
Outlook: Consolidation Before Acceleration?
The combination of a leveraged reset and long-term technical strength paints a cautiously bullish picture. With whales returning (as recent on-chain data shows), leverage cooling, and higher timeframe momentum intact, Bitcoin may be entering a consolidation phase before a breakout attempt.
If past patterns repeat, as Dave the Wave suggests, the next move could echo the explosive runs seen after previous major consolidations.
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
