Bitcoin Slides Below Key Support Levels
The crypto market suffered another wave of selling pressure as Bitcoin fell more than 5% over the past 24 hours, dropping to roughly $67,300 and marking its lowest price since early April.
The decline extends Bitcoin’s weekly losses to more than 12%, leaving the world's largest cryptocurrency nearly 46% below its all-time high of $126,080.
After spending months trading above major support levels, the latest breakdown has sparked growing concerns that the market could face a deeper correction before finding stability.
Many traders are now shifting from bullish expectations to a far more cautious outlook.
Strategy’s Bitcoin Sale Shakes Investor Confidence
One of the major catalysts behind the recent sell-off has been Strategy’s decision to sell Bitcoin for the first time since 2022.
Last week, the company disclosed that it sold 32 BTC, worth approximately $2.5 million, ending a nearly four-year streak of uninterrupted accumulation.
Although the amount sold represents only a tiny fraction of Strategy’s overall holdings, the move carried significant symbolic weight.
For years, Strategy and its executive chairman Michael Saylor have been viewed as some of Bitcoin’s strongest corporate supporters. The company currently holds tens of billions of dollars worth of Bitcoin on its balance sheet.
Analysts warned that even a small sale could alter investor psychology by challenging the perception that major institutional holders would never sell their Bitcoin positions.
That concern now appears to be influencing broader market sentiment.
ETF Outflows Continue to Accelerate
Institutional demand has also weakened considerably.
Spot Bitcoin ETFs in the United States have now recorded 11 consecutive days of net outflows, with more than $3.4 billion leaving the products during that period.
The sustained withdrawals have erased the gains accumulated earlier in the year, pushing total ETF flows into negative territory for 2026.
For much of the previous bull market, ETF demand served as a major source of buying pressure and helped support Bitcoin’s rise to record highs.
Now, the reversal in fund flows is creating the opposite effect, increasing concerns about near-term demand.
Bullish Traders Face Massive Liquidations
The sharp decline has also triggered significant liquidations across the derivatives market.
According to CoinGlass data, nearly $600 million worth of long Bitcoin positions were wiped out during the latest sell-off.
Long positions represent leveraged bets that Bitcoin’s price will rise. When prices move sharply lower, those positions are automatically closed, creating additional selling pressure.
This liquidation cascade has amplified volatility and contributed to the speed of Bitcoin’s recent decline.
Many traders who were positioned for a rebound have instead found themselves caught in a rapidly deteriorating market environment.
Traders Increasingly Expect More Downside
Market expectations have shifted noticeably over the past week.
Prediction markets and sentiment indicators now show growing confidence that Bitcoin could revisit lower support levels before recovering.
Some traders are beginning to discuss a potential move toward the $55,000 range, while confidence in a near-term return to previous highs has weakened considerably.
The combination of ETF outflows, geopolitical uncertainty, declining risk appetite, and institutional selling has created one of the most challenging environments Bitcoin has faced this year.
Can Bitcoin Defend the Next Major Support Zone?
Despite the bearish sentiment, analysts note that Bitcoin remains within a longer-term bull market structure.
The next major question is whether buyers will step in around current levels and defend the market from a deeper correction.
If support fails to hold, further downside could follow as traders continue reducing exposure to risk assets.
For now, however, investors are watching closely to see whether Bitcoin can stabilize after one of its sharpest declines in recent months.
