Bitcoin sees $623M long liquidations as BTC tests $61,700 200-week MA

Bitcoin briefly slid to around $61,300 before rebounding above $64,750, a move of more than 5% that left traders focused on the 200-week moving average near $61,700. In the same 24-hour period, BTC derivatives saw heavy forced selling, with more than $623 million in long positions liquidated out of over $740 million total. Technical observers remain split on whether the bounce signals a local bottom or a pause within a broader bear-flag setup.