The crypto market was flashing red on June 12, extending losses that began on June 6, with most top-cap cryptocurrencies dropping by as much as 4%.

Bitcoin (BTC) fell 2.5% from a high of $69,547 on June 11 to a low of $66,018 on the same day. The big crypto has dropped 1.5% over the last 24 hours to trade at $67,446, while Ether (ETH) declined by a bigger percentage, down 2.58% to exchange hands at $3,500, according to data from Coin360. This performance took Bitcoin’s dominance higher to 53.24%.The crypto market was flashing red on June 12, extending losses that began on June 6, with most top-cap cryptocurrencies dropping by as much as 4%.

Bitcoin (BTC) fell 2.5% from a high of $69,547 on June 11 to a low of $66,018 on the same day. The big crypto has dropped 1.5% over the last 24 hours to trade at $67,446, while Ether (ETH) declined by a bigger percentage, down 2.58% to exchange hands at $3,500, according to data from Coin360. This performance took Bitcoin’s dominance higher to 53.24%.

The global crypto market capitalization has lost 4.5% over the last 48 hours to $2.44 trillion, according to data from CoinMarketCap.

Broadly speaking, most of the top 10 cryptocurrencies have dropped significantly over the same period. The other most notable losses over the last 48 hours were witnessed by BNB Chain’s BNB, which was down over 10%.

Apart from Dogecoin, other top-cap memecoins were still witnessing a correction. Shiba Inu (SHIB) posted more than 7.5% losses over the last 48 hours and 3.2% on the day to $0.00002188. The most notable gains are being witnessed by Pepe (PEPE) holders which had increased by 9%. Solana-based memecoin Bonk (BONK) recorded 5.9% gains over the last 24 hours.

Leveraged liquidations drive crypto prices higher

The drop in the prices of major cryptocurrencies has led to a rush of liquidations across the derivatives market. Long derivatives traders appear to have been caught off guard, leading to a quick spat of leveraged liquidations.

In the past 48 hours leading to May 21 over $30 million in crypto positions had been liquidated across the crypto market, with $220 million wiped out in the last 24 hours. Of these, $180 million were long liquidations. $42 million long BTC positions have been liquidated over the past 24 hours, according to data from Coinglass.

Over 89,828 traders were liquidated, with the largest single liquidation being a ETH-USDT swap on OKX, valued at $5.21 million.

Bitcoin price doubled top points to a target around $60,000

The BTC price action has formed a double-top chart pattern on the daily chart, as shown below. The price is now fighting to stay above the immediate support from the middle tip of the double-top chart pattern at $65,000.

A daily candlestick close below this level would confirm a bearish breakout from the governing chart pattern. If this happens, it would clear the way toward the technical target at $60,000. Such a move would represent an 11% decrease from the current level.

Apart from the highly bearish technical setup, Bitcoin’s negative outlook was supported by down-facing moving averages. The price was sitting on top of these moving averages, which could provide areas of strong support on the downside.

The RSI was southbound, and the price strength at 47 suggested that the bears were controlling the price.

On the upside, if the bulls succeed to maintain above $67,000, it would suggest the bears inability to sustain the lower levels. In the meantime, the key levels to watch would be the psychological levels at $68,000 and $70,000 and later the all-time high of $73,835.