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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.
The post Bitcoin Liquidation Hits $202M as Analysts Eye Next Breakout appeared first on Coindoo.
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