Bitcoin (BTC) slipped under the $70,000 psychological level, trading near $69,400 on June 2 after a 2.7% drop in 24 hours. The decline accelerated after sellers broke through the $72,500–$73,000 support zone, triggering over $744 million in liquidations across 152,000 traders.
ETF Outflows Extend to 11 Days, Mt. Gox Wallet Moves BTC
U.S. spot Bitcoin ETFs recorded a net outflow of $483 million on the latest session, pushing the streak to 11 consecutive trading days. According to SoSoValue, total outflows over that period have exceeded $3.4 billion, draining a key source of institutional demand.
Meanwhile, wallets linked to the defunct Mt. Gox exchange transferred 10,306 BTC (worth about $739 million) to an unmarked address and an active hot wallet. While no direct sale has been confirmed, the movement revived creditor repayment fears. Strategy (formerly MicroStrategy) also sold 32 BTC — its first Bitcoin sale in roughly four years. The transaction, worth only $2.5 million, drew outsized attention given the firm’s status as one of the largest corporate holders.
Macro Risks Drive Flight to Havens, Oil Volatility Persists
WTI crude fell 2% to near $90 on Tuesday after surging 4.2% a day earlier. Uncertainty around U.S.-Iran talks and potential shipping disruptions in the Strait of Hormuz kept oil markets choppy. Gold and silver gained as some investors rotated out of risk assets. The derivative market amplified the selloff: leveraged long positions were forced out after Bitcoin lost major support, with total liquidations exceeding $744 million in 24 hours.
Technical Breakdown: BTC Loses Rising Channel, Bears in Control
On the daily chart, Bitcoin has broken below a rising channel that guided its recovery since February. The breakdown followed a failure to hold above the 0.786 Fibonacci retracement level at $74,169. BTC now trades below its 20-, 50-, and 100-day moving averages; the 200-day MA near $79,291 sits far above current prices. Analyst Team LAMBO described the setup as “supremely bearish,” with next targets at $68,700 and $65,000. A retest of $71,500 could offer a short entry, they said.
Analyst Ardi echoed that view: “Once support starts breaking across multiple timeframes, the market usually moves toward the next major liquidity pivot. For me, that sits around $68.7K.” If BTC fails to reclaim $71,500, sellers may first test $68,700, followed by the $66,000–$65,000 range. A deeper break below that zone would put the February demand area near $60,000 back in play. A recovery above $72,500 would weaken the bearish case and put $74,169 back in focus.