- Bitcoin price has dropped below $70,000 for the first time since early April.
- Negative triggers include ETF outflows, corporate sales, and large stock transfers.
- With so much volatility and stability in the country, bulls may struggle to recover from recent gains.
The price of Bitcoin fell below $70,000 early Tuesday, down more than 4% in the past 24 hours amid growing negative sentiment in the crypto market.
Losses widened after Monday’s slide, which was driven by fresh cash flows from exchange-traded funds and market reaction to Strategy’s BTC sales.
Bitcoin drops below $70k amid $4 billion ETF outflows
Bitcoin’s return to below $70,000 on Tuesday reflects a significant deterioration in market confidence after the cryptocurrency hit a record high above $82,800 in April.
Since then, Bitcoin has struggled to regain momentum amid intense economic and political turmoil, including volatile commodity prices linked to the US-Iran conflict.
The bellwether indicator fell to around $71,300 on Monday before extending losses to reach below $70,000.
On CoinMarketCap, the digital asset has fallen by $69,300 on major crypto exchanges. An intraday drop has not been seen in almost two months.
Market analysts have pointed to increased customer demand as a key driver.
According to SosoValue data, Bitcoin ETFs recorded more than $2.43 billion last month, with about $483 million removed on Monday alone.
These moves contributed to a weekly increase that saw ETF redemptions exceed $1 billion, and the cumulative outflows now exceed $4 billion as of May 11, 2026.
Continued withdrawals have increased selling pressure and slowed the pace of any recovery.
Why did the price of Bitcoin stop?
Concerns, corporate and supply chain trends attract attention.
Strategy, once the largest Bitcoin company, sold 32 BTC in May, prompting market participants to reassess the risks to the side.
On Tuesday, a chain reaction showed Mt. Gox transferred 10,306 BTC, worth more than $731 million, to new addresses.
EVENTS: Mt. Gox has transferred 10,306 $BTC($731M) to a new wallet!https://t.co/toejNooaei pic.twitter.com/HzWU9REWCw
– Lookonchain (@lookonchain) June 2, 2026
CryptoQuant analysts noted that similar transfers coincided with debt repayments and distribution plans and “did not lead to immediate selling pressure,” but the timing of the ETF’s release increased volatility on trading desks.
BTC price trends – will a major crash follow?
From a price point of view, it is possible that the recent weakness shows bulls in danger of a longer slide. At the moment, the currency is testing the 200-week EMA, below which more losses may follow.
In particular, Bitcoin has lost 12% in the last month, and a break below $65,000 will reopen the March 2026 low.
BTC dropped to $64,955 in March, and the fear may lead to some short-term activity.
Conversely, a retracement of major intraday support around $71,500 should shift momentum to buyers and set targets near $75,000 and $77,500. The 100-week EMA is currently near $81,830.
