A four-month high in miner inflows to Binance, $1.61B in forced liquidations, and an RSI at 18.33 arrived in the same session – each pressure point independent, each amplifying the others.
Key Takeaways
- Miner inflows to Binance hit their highest level since February.
- The current cycle’s largest single-day liquidation event just occurred.
- BTC and ETH together absorbed over two thirds of total liquidations.
- RSI printed 18.33, the most oversold daily reading this cycle.
Bitcoin’s TradingView daily chart shows the intraday move broke below the Fibonacci 0.786 retracement level at $64,846, extending the decline toward $61,400 before buyers stepped in. The recovery to $63,799 at time of writing leaves price below the 0.786 Fibonacci level at $64,846, which has flipped to overhead resistance, with the Fibonacci 1.0 level at $59,948 as the next structural reference below current price.
The 50-day SMA sits at $76,697, well above current price, confirming Bitcoin has broken beneath every major moving average on the daily timeframe. The RSI reads 18.33 at time of writing, its most oversold reading of the current cycle, with the signal line at 35.54 still declining. RSI at 18.33 is approaching the extreme readings that historically preceded relief bounces in prior cycles, though oversold conditions can persist for extended periods during sustained deleveraging phases.
The volume spike accompanying the intraday low at $61,400 is visible on the daily chart and represents the heaviest single-session volume of the current correction. High volume at a new low can signal either capitulation, where sellers exhaust themselves and buyers absorb supply, or acceleration, where new participants join the sell side. The recovery from $61,400 to $63,799 within the same session suggests some demand absorption occurred at the lower level, but the session is not yet closed.
Liquidations: $1.61B in 24 Hours, Long Positions Dominate
CoinGlass confirms 271,562 traders were liquidated in 24 hours for a total of $1.61B when only 9 hours ago prior of writing this article they were $940M. Of that, $1.35B were long positions and $255.60M were shorts, an 84% long composition that confirms the cascade is driven by forced closing of overleveraged buyers rather than coordinated short selling.
With 84% of liquidations coming from longs, the self-reinforcing loop ran without meaningful short-covering to slow it, which explains how price reached $61,400 without a single identifiable news event triggering the move at that specific level.
Miner Inflows: 24,716 BTC to Binance, the Highest in Four Months
CryptoQuant data tracked by analyst Amr Taha confirms Bitcoin miner inflows to Binance reached 24,716 BTC on June 2, the highest reading since February 5, when the metric recorded 23,151 BTC. The June 2 spike surpassed the February peak by 1,565 BTC, or approximately 6.8%, marking one of the strongest miner-to-exchange flow events of the year.
The move was concentrated on Binance rather than spread across multiple exchanges, which makes Binance the primary venue where miner-linked supply is appearing in the current period. Large miner inflows do not confirm immediate selling. Miners move coins to exchanges for selling, hedging, liquidity management, or internal rebalancing, and the intent behind any specific transfer is not observable on-chain.
What the spike does confirm is that miner-held supply has moved closer to market liquidity at the same time the market is processing the heaviest liquidation volume of the correction cycle. That combination raises the structural weight of the inflow. If miner exchange deposits remain elevated over the next 48 to 72 hours, it suggests the June 2 spike was the beginning of a distribution phase rather than a one-day liquidity event. If the inflow normalizes quickly, the spike is more likely to be interpreted as routine treasury management that happened to coincide with a period of elevated market stress.
What Holds Between Here and $60,000
At $63,799, Bitcoin sits approximately $3,851 above the Fibonacci 1.0 level at $59,948, the last structural reference with confirmed prior demand before the $60,000 zone. The intraday recovery from $61,400 produced a visible demand response but not a confirmed support level. Whether the session closes above $64,846, reclaiming the 0.786 Fibonacci level, or closes below it, leaving that level as overhead resistance, might be the most important technical data point before the next session opens.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
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.
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