Bitcoin fell 2.94% in 4 hours to $65,284 on Binance, and the 24-hour decline reached 4.78%. At the same time, Pluang reported $38.89 million in long positions liquidated in 1 hour across Binance, Bybit and OKX. Those forced closures can add selling as leveraged positions are automatically unwound. The price has also retested the area near $65,200.
Across 48 1-hour candles, Bitcoin moves from $71,618 to $65,601, down 8.4%. The chart marks support at $65,011 and resistance at $72,133.
Bitcoin retested support near $65,200 after the drop into a lower band. The liquidation burst points to leverage amplifying the decline, while open interest contracted as Bitcoin fell, indicating traders were reducing derivatives exposure rather than adding to it. That supports a leverage-reset reading, but it does not settle whether the selling has run its course. The next evidence is whether price can hold around that retested support area after the reduction in exposure.