Bitcoin price drops below $71K as Trump says the U.S. Navy will keep the Hormuz blockade, while ETF outflows and weak BTC momentum add pressure.
Bitcoin is approaching a pivotal moment, with several key support and resistance levels set to determine its next major move. While bulls are fighting to maintain critical price zones and preserve the broader recovery structure, bears continue to pressure the market from above.
With Strategy breaking its accumulation streak and many peers stepping aside, the list of active digital asset treasuries has narrowed considerably.
A significant controversy has erupted on Polymarket following Strategy‘s revelation of a bitcoin divestment completed prior to May 31. This disclosure has impacted a prediction market worth $20 million that hinged on whether the company liquidated bitcoin assets before the specified date.
Bitcoin price tumbled sharply to $71,239, risking a drop below $70,000 despite massive institutional accumulation from Michael Saylor's Strategy.
Michael Saylor's Strategy has evolved into a far more complex bitcoin-finance machine since it last sold BTC three and half years ago.
Strategy has put STRC at the center of its latest capital story after selling 32 Bitcoin to help fund preferred stock distributions. Strategy said in an 8-K filing that it sold the Bitcoin for about $2.
Strategy (NASDAQ: MSTR) sold part of its Bitcoin stack last week in what is only the second sale in its history.
A Polymarket pool asking whether Strategy would sell any of its bitcoin before May 31 had drawn more than $20 million in trading volume.
Michael Saylor says Strategy aims to make STRC the world's best credit instrument after the company sold bitcoin to help fund preferred stock distributions
Bitcoin's dip below $71,000 highlights market volatility, driven by ETF outflows and regulatory uncertainty, challenging investor confidence. Bitcoin trades under $71,000 for first time since April 13.
The move suggests a greater willingness on the part of Michael Saylor and Strategy to use BTC holdings to support the capital structure, said one analyst, while others disagreed.