TradingKey – During the Asian trading session on June 5, Bitcoin continued its downward slide, falling more than 3.5% within 24 hours. It briefly broke through $62,000 intraday, hitting a low of $61,100, marking a cumulative three-week decline of approximately 26% since the recent high of $82,500 on May 6. As of press time, Bitcoin was trading at $62,688, with a cumulative drop of over 16% this week, heading toward its largest weekly decline since November 2022.

The sell-off has triggered large-scale forced liquidations. Since the beginning of this week, nearly $4 billion in bullish crypto bets have been liquidated, with Bitcoin suffering the heaviest losses. In the past 24 hours, cryptocurrency exchanges recorded $594 million in long…