Bitcoin slid sharply to start the month, weighed down by news that Michael Saylor sold BTC for the first time.
Notable Statistics:
- Coinglass data shows 154,860 traders were liquidated in the past 24 hours for $632.05 million.
- SoSoValue data shows net outflows of $125.3 million from spot Bitcoin ETFs on Friday. Spot Ethereum ETFs saw net outflows of $17.9 million.
Notable Developments:
Trader Notes:
Trader Lennaert Snyder said Bitcoin losing both the previous monthly and weekly lows reinforces a bearish short-term structure.
According to Snyder, reclaiming previous weekly or monthly highs this week appears unlikely. He added that bias remains tilted toward additional downside and a daily imbalance near $73,300 has emerged as a fresh short setup.
Another trader, KillaXBT explained Bitcoin is “dumping into the new monthly open” as traders monitor how price reacts around major liquidity zones.
The analyst noted early-month price action often creates aggressive liquidity sweeps in both directions before trend continuation emerges.
If BTC holds the $70,800 support level, a rebound toward the $73,000–$74,000 range could follow. Furthermore, a reclaim of that zone will potentially open the path to $76,000 near the previous monthly open. However, losing the level could accelerate downside momentum toward $65,200.
KillaXBT also pointed to June 5 as a major pivot date traders are watching for possible trend direction changes.
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