Bitcoin is back at a crossroads it has navigated multiple times in prior cycles, and this may be where the real test begins in this cycle.
U.S. spot Bitcoin (CRYPTO: BTC) ETFs shed $519 million on Tuesday while altcoin ETFs stayed green across the board as Bitcoin crashed to $66,000 overnight. BlackRock Alone Sold $440M As Five-Week Outflow Total Hits $5B BlackRock's iShares Bitcoin Trust (NASDAQ:IBIT) sold 5,800 Bitcoin worth $440.29 million on Tuesday, accounting for the bulk of the day's total outflow.
Bitcoin fell to about $65,300 before rebounding toward $67,000, after losing $80,000, failing at $74,000 and breaking below $70,000. Crypto liquidations reached $1.8 billion in 24 hours, with longs accounting for $1.5 billion and Bitcoin responsible for $846 million.
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Bitcoin is on the brink of a massive price crash
The power law model shows BTC trading at one of its deepest discounts relative to trend, a level previously seen during the March 2020 crash and FTX collapse.
Bitcoin price nears $66,938 after an 8-week slide as whale selling, extreme fear, and weak ETF momentum raise focus on $65K support.
Bitcoin BTC$67,220.78 and the broader crypto market steadied Wednesday from Tuesday's slide after Strategy (MSTR), the largest publicly listed bitcoin holder, sold a small portion of its stash and spot ETFs extended a record run of net outflows.
The recovery does little to mask a 9.5% weekly decline as U.S. stocks hit records highs, AI tokens rally and Coinbase's Ethena deal steals the spotlight.
Bitcoin is retreating, but it is mainly the change in investors' attitude that draws attention. Faced with a BTC back at its lowest levels in several months, many traders now favor protective strategies rather than bets on a rebound.
After closing May with a bearish outlook, Bitcoin (BTC) price could potentially crash below $60,000 in June 2026.
Total crypto market cap drops below $2.5 trillion as Bitcoin dips under $70,000. Discover the major macro and institutional reasons driving crypto down today.