diff --git a/Modules/gcmodule.c b/Modules/gcmodule.c
--- a/Modules/gcmodule.c
+++ b/Modules/gcmodule.c
@@ -437,9 +437,6 @@ move_unreachable(PyGC_Head *young, PyGC_
             if (PyTuple_CheckExact(op)) {
                 _PyTuple_MaybeUntrack(op);
             }
-            else if (PyDict_CheckExact(op)) {
-                _PyDict_MaybeUntrack(op);
-            }
         }
         else {
             /* This *may* be unreachable.  To make progress,
@@ -457,6 +454,19 @@ move_unreachable(PyGC_Head *young, PyGC_
     }
 }
 
+static void
+untrack_dicts(PyGC_Head *head)
+{
+    PyGC_Head *next, *gc = head->gc.gc_next;
+    while (gc != head) {
+        PyObject *op = FROM_GC(gc);
+        next = gc->gc.gc_next;
+        if (PyDict_CheckExact(op))
+            _PyDict_MaybeUntrack(op);
+        gc = next;
+    }
+}
+
 /* Return true if object has a finalization method. */
 static int
 has_finalizer(PyObject *op)
@@ -856,6 +866,7 @@ collect(int generation, Py_ssize_t *n_co
         gc_list_merge(young, old);
     }
     else {
+        untrack_dicts(young);
         long_lived_pending = 0;
         long_lived_total = gc_list_size(young);
     }