Why Is Bitcoin Price Down Today?

Bitcoin, the world’s largest cryptocurrency, fell to $69,792 on Monday, retesting its 2021 all-time high as growing geopolitical tensions weighed on market sentiment. The cryptocurrency has lost more than $3,000 over the past 24 hours, dropping 4.2% from around $72,853 a day earlier.

So, why is the Bitcoin price falling today?

Strategy’s Bitcoin Sale Sparks Sell-Off

One of the biggest talking points came from Strategy, the world’s largest corporate Bitcoin holder. The company disclosed that it sold 32 BTC between May 26 and May 31 for approximately $2.5 million, marking its first Bitcoin sale since December 2022. 

While the transaction represented just 0.0037% of its holdings, the move caught investors’ attention because Michael Saylor has long been known for his aggressive buy-and-hold approach.

Despite the sale, Strategy still holds more than 843,000 BTC worth roughly $60 billion.

Mt. Gox Moves $739 Million Worth of Bitcoin

Additional pressure came from the long-defunct crypto exchange Mt. Gox.

Blockchain data showed the exchange transferred 10,422 BTC, worth approximately $739 million, from cold storage. The funds were split between a known hot wallet and another address that has not yet spent the coins.

Although no direct selling has been confirmed, the transfer revived concerns about potential creditor repayments. Many traders fear that recipients could choose to sell part of their Bitcoin holdings, increasing supply in the market. The move marked Mt. Gox’s first major on-chain transaction in nearly two months.

Bitcoin ETF Outflows Continue to Accelerate

Institutional demand also remains under pressure. U.S. spot Bitcoin ETFs have now recorded 11 consecutive days of outflows, with nearly $3 billion leaving the sector during that period.

On June 1 alone, Bitcoin ETFs saw approximately $483.8 million in net outflows. BlackRock’s IBIT accounted for nearly $440 million of that total, highlighting a sharp slowdown in institutional buying activity.

Liquidations Push Bitcoin Below Key Support

The selloff triggered another wave of forced liquidations. According to CoinGlass, more than 155,000 traders were liquidated over the past 24 hours, totaling $798.36 million. 

Bitcoin accounted for roughly $458 million in long liquidations, while the largest single liquidation on Binance reached $23.99 million.

What’s Next for Bitcoin Price?

Bitcoin has now broken below a key bear flag pattern that many traders were watching.

According to Altcoin Daily, similar breakdowns have led to deeper corrections. He sees a worst-case scenario near $50,000 if a full 30% decline develops from current levels.

However, many market participants believe the more realistic target is Bitcoin’s 200-week moving average near $62,000. In previous bear market cycles, Bitcoin has repeatedly tested or briefly fallen below this level before forming a long-term bottom.