Bitcoin Price Slips Below Psychological $70,000 Support
The cryptocurrency market faced bearish pressure on Tuesday morning as the price of Bitcoin broke below the $70,000 psychological level. $BTC fell by nearly 4% in the 24-hour window, hitting intraday lows near $69,371.
This unexpected correction has disrupted the stock market for weeks and caused a surge in retail orders. The total closing of the crypto market exceeded $766 million in just a few hours, with $600 million in excess positions liquidated.
Why Is Bitcoin Crashing? Two Catalysts
The sudden drop below $70,000 is mainly due to the consolidation of the retail industry and the sudden awakening of the existing wallets.
1. MicroStrategy Violates Its “Do Not Sell” Condition.
Market concerns grew following a Securities and Exchange Commission (SEC) 8-K filing revealing that MicroStrategy sold 32 Bitcoins between May 26 and May 31 to raise money for its shares. Although the sale was small – worth about $ 2.5 million – the emotional impact of the sales and institutional sales was high. MicroStrategy’s departure from its buy-and-hold narrative ignited FUD (Fear, Uncertainty, and Doubt), driving $483 million from US spot $Bitcoin ETFs.
2. Mt. Gox Awakens with a $739 Million On-Chain Transfer
Adding fuel to the fire, blockchain tracking is solid Arkham Intelligence announced a massive move of 10,306 BTC (worth about $739 million) from the cold Mt. Gox storage in new functional bags. This represents the largest group of homes in more than two months, raising concerns among investors that the credit distribution is about to hit the market.
Bitcoin Prediction: What Is The Next BTC Support Level?
With $70,000 below the legal limit, Bitcoin’s short-term technical structure looks very bearish. If the daily candle fails to close above $70,000, market experts warn of further correction. A weakening ETF position coupled with an increase in the economy could pave the way for a deeper review of the $65,000 key support area in the coming weeks.
