Bitcoin staged a notable recovery over the weekend, bouncing 7.5% from Friday’s low of $59,353 to a high of $63,800 on Monday. The swift move upward triggered a massive wave of short liquidations, totaling roughly $539 million on Sunday — the highest level since the April 17 crash, according to CoinGlass data. Over the past 24 hours, total crypto liquidations exceeded $588 million, with $444 million representing forced closures of short positions.
The rebound has brought Bitcoin into a critical technical zone. Data from Coinglass reveals a significant short liquidation wall at $63,884, where an estimated $310.6 million in leveraged short positions across major centralized exchanges (CEX) could be liquidated if the price breaks higher. Conversely, a drop below $62,410 would likely trigger the liquidation of about $198.51 million in long positions, creating a defined high-stakes range.
Market participants are closely watching these levels. “Large outflows last week reflected institutional reactions to macroeconomic headlines, while the tech-heavy KOSPI’s 8% decline highlights the broader pressure facing risk assets amid escalating developments in the Middle East,” said Paul Howard, Senior Director at Wincent. Last week’s turmoil saw U.S. spot Bitcoin ETFs record $1.72 billion in net outflows, and the Crypto Fear & Greed index plunged to 8, its lowest since late February 2026.
Despite the relief rally, experts remain cautious. Adam Haeems, Head of Asset Management at Tesseract Group, noted that the rebound appears to be “a relief move around a major long-term level, not yet a confirmed turn,” citing record ETF withdrawals and shifting rate expectations as ongoing headwinds. Bitcoin still trades below its 200-day simple moving average, often viewed as a bearish signal.
The aggregated open interest on Bitcoin futures fell from 285,000 BTC on Friday to around 255,000 BTC after the weekend, signaling a large-scale closure of short positions as the price moved against them. Meanwhile, the Coinbase premium index remains negative, indicating that U.S. demand has yet to fully return.
As Bitcoin hovers near $63,350, the $63,884 resistance and its associated short liquidation wall represent a potential catalyst for further upside, while failure to hold above $62,410 could reignite selling pressure. Traders are advised to monitor these levels alongside broader macroeconomic conditions.
