Bitcoin Pulls Back After $63,700 Rally, $208M Longs Liquidated

After a sharp relief rally to $63,700 on June 8 that triggered $546 million in short liquidations—the largest short squeeze since late April—Bitcoin faced renewed selling pressure. The bounce followed weeks of heavy long liquidations totaling over $1.87 billion that drove BTC toward $60,000 and slashed open interest 25% to multi-month lows. On June 10, fresh long liquidations surpassed $208 million, with Bitcoin and Ethereum futures leading the unwind. Market sentiment shifted from extreme fear toward cautious stabilization, though volatility persists amid deleveraging. BTC dominance rose as altcoins lagged during the swings.