Bitcoin price has fallen below $70,000 after deepening ETF outflows, Mt. Gox-linked wallet movements and renewed geopolitical stress pushed traders into a risk-off stance.
Summary
- Bitcoin price fell below $70,000 as ETF outflows topped $3.4 billion and Mt. Gox moved $739 million worth of BTC.
- Over $744 million in liquidations hit the market after BTC lost the $72,500–$73,000 support zone.
- Analysts see $68,700 as the next key support, with $65,000 in focus if selling pressure continues.
According to market data, Bitcoin (BTC) price traded near $69,400 on June 2 after falling more than 2.7% over the past 24 hours. The move dragged BTC below the key $70,000 psychological level and extended its decline after sellers broke through the $72,500–$73,000 support zone.
Bitcoin price faced immediate pressure after Mt. Gox-linked wallets moved 10,306 BTC, worth about $739 million, into a new unmarked wallet and an active hot wallet. No direct sale was confirmed, but the transfer revived fears that creditor repayments could add fresh supply to the market.
U.S. spot Bitcoin ETFs added to the pressure after recording $483 million in net outflows. The latest withdrawal extended the outflow streak to 11 straight trading days, with more than $3.4 billion leaving the funds over that period, per data from SoSoValue.
Strategy’s disclosure that it sold 32 BTC also weighed on sentiment. While the transaction was worth only about $2.5 million, it represented the company’s first Bitcoin sale in roughly four years, drawing attention from traders who closely monitor Michael Saylor’s firm as one of the largest corporate holders of the asset.
Bitcoin selloff deepens as macro risks push investors toward havens
WTI crude oil futures fell around 2% toward $90 on Tuesday after jumping 4.2% in the previous session. Oil markets remained volatile as traders tracked uncertainty around U.S.-Iran negotiations and possible shipping disruptions through the Strait of Hormuz.
Oil price had surged Monday after reports that Iran suspended talks with Washington in response to Israel’s military operations in Lebanon. Later, President Donald Trump said negotiations were still ongoing and that a memorandum of understanding to reopen the Strait of Hormuz could come as early as next week.
Safe-haven demand also picked up, with gold and silver rising during the day. The move suggested that some investors were rotating away from risk assets as geopolitical uncertainty, oil volatility, and inflation concerns returned to the front of the market.
Derivative markets worsened the decline. More than 152,000 traders were liquidated over 24 hours, with total liquidations exceeding $744 million as leveraged long positions were forced out after Bitcoin lost major support.
Bitcoin breakdown exposes $68.7K and $65K support zones
On the daily chart, Bitcoin has broken below a rising channel that had guided its recovery since the February lows. The breakdown came after BTC failed to hold above the 0.786 Fibonacci retracement level near $74,169.
BTC price also slipped below the 20-day, 50-day, and 100-day moving averages, while the 200-day moving average near $79,291 remains far above current levels. That structure leaves sellers in control unless Bitcoin quickly reclaims the $71,500–$72,500 region.
The MACD has turned more negative, with the signal line and histogram both weakening below the zero line. Momentum has therefore moved against buyers, although the chart does not yet show a deeply oversold washout.
According to crypto analyst Team LAMBO, Bitcoin has “broken down off this rising channel” and now looks “supremely bearish.” The analyst said the next targets sit near $68,700 and $65,000, while a retest of $71,500 could offer a short-selling zone.
Fellow analyst Ardi shared a similar view, noting that Bitcoin had lost multiple key supports within 24 hours.
“Once support starts breaking across multiple timeframes, the market usually starts moving toward the next major liquidity pivot. For me, that sits around $68.7K. Unless BTC can reclaim this breakdown quickly, I think we’ll be heading there shortly.”
If Bitcoin fails to reclaim $71,500, sellers could target $68,700 first, followed by the $66,000–$65,000 range. A stronger breakdown below that zone would put the February demand area near $60,000 back into focus.
A recovery above $72,500 would weaken the bearish setup and put $74,169 back in play. Until then, ETF outflows, forced liquidations, and geopolitical risk leave Bitcoin exposed to another leg lower.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
