- The price of Bitcoin fell below $70,000 for the first time since early April.
- Negative catalysts include ETF outflows, corporate sales, and large cross-chain transfers.
- As macro and geopolitical volatility continues, bulls may have difficulty reclaiming recent highs.
The price of Bitcoin fell below the $70,000 level early Tuesday, falling more than 4% over the past 24 hours amid growing negative sentiment across the cryptocurrency market.
The losses intensified after Monday’s decline, which was due to new capital flight from exchange-traded funds and the market’s reaction to Strategy’s BTC sale.
Bitcoin falls below $70,000 amid $4 billion ETF outflows
Bitcoin’s decline below $70,000 on Tuesday represents a notable deterioration in market confidence after the cryptocurrency reached intraday highs above $82,800 in April.
Since then, Bitcoin has struggled to regain momentum amid a confluence of macroeconomic and geopolitical headwinds, including volatility in risk assets linked to the US-Iran conflict.
The token fell to around $71,300 on Monday before extending losses below $70,000.
According to CoinMarketCap, the benchmark digital asset has reached lows of $69,300 across major cryptocurrency exchanges. The intraday lows indicate levels not seen in nearly two months.
Market analysts cited accelerating institutional outflows as a key driver.
According to SosoValue data, Bitcoin ETFs recorded more than $2.43 billion in outflows over the past month, with nearly $483 million withdrawn on Monday alone.
These inflows have contributed to a weekly streak that has pushed total ETF spot redemptions above $1 billion, and total outflows have now crossed the $4 billion threshold since May 11, 2026.
Continued drawdowns have increased selling pressure and reduced the speed of any recovery.
Why did the price of Bitcoin fall?
Compounding concerns, corporate and on-chain movements are attracting attention.
Strategy, once the largest holder of Bitcoin, sold 32 Bitcoin in May, prompting market participants to reevaluate supply-side risks.
On Tuesday, on-chain monitoring showed that Mt Gox had transferred 10,306 bitcoins, worth more than $731 million, to new addresses.
BREAKING: Mt.Gox has just transferred 10,306 $ Bitcoin($731 million) to a new wallet!https://t.co/toejNooaei pic.twitter.com/hzWU9REWCw
– Loconchain (@loconchain) June 2, 2026
Cryptoquant analysts noted that similar transfers have historically accompanied repayment of creditors and preparation for distribution and “did not lead to immediate selling pressure,” but the timing amid significant ETF outflows exacerbated anxiety across trading desks.
BTC Price Forecast – Is a Deeper Collapse Next?
From a price action standpoint, recent weakness could put bulls at risk of an extended slide. Currently, the coin is testing the 200-week moving average, which could be followed by a deeper collapse.
It is worth noting that Bitcoin lost more than 12% in the past month, and a break below the $65,000 area would reopen the March 2026 lows.
Bitcoin fell to $64,955 in March, and fear will likely lead to more short-term liquidation events.
Conversely, a recovery of key intraday support around $71,500 will be needed to shift momentum back to buyers and set targets near $75,000 and $77,500. The 100-week moving average is currently located near $81,830.
