Bitcoin (BTC) price dips below $70,000 on Tuesday, extending the 3% decline from the previous day. Market momentum turned extremely bearish, with Exchange Traded Funds (ETFs) tied to BTC offloading roughly $4 billion since mid-May. The technical indicators suggest that rising selling pressure could extend the breakout of the support trendline to test the $65,000 psychological level.

Bitcoin ETF outflows cross $4 billion since mid-May

Bitcoin trades below $70,000 for the first time since April 7, likely driven by institutional offloading, with $2.43 billion in outflows recorded in May and Strategy’s first-ever sale of 32 BTC on Monday in the last four years. SoSoValue Data shows that Bitcoin ETFs recorded $483.76 million in outflows on Monday, after three consecutive weeks of over $1 billion in outflows, bringing total outflows to over $4 billion since May 11.

Bitcoin ETFs data. Source: SosovalueTechnical outlook: Downside risk in Bitcoin extends to $65,000 

Bitcoin extends its fourth consecutive week of decline, representing roughly a 15% loss, clearing the downside toward $65,000, which previously served as a rebound level on March 29. The King Crypto holds a clear bearish bias as price extends below the rising four-month support trendline with the break area near $71,300. The 50-day and 100-day Exponential Moving Averages (EMAs) near $75,798 and $76,340 are significantly above the price, reinforcing the bearish tone.

Bitcoin risks further decline after losing altitude from recent highs and failing to hold above a crucial support trendline. The Relative Strength Index (RSI) around 27 on the daily chart has entered oversold territory, while the negative Moving Average Convergence Divergence (MACD) extends deeper into the negative zone, with its signal line reinforcing bearish momentum.

BTC/USDT daily price chart.

Looking up, a sustained recovery above $70,000 would first need to clear the 50-day EMA near $75,798, followed by the 100-day EMA around $76,340.

(The technical analysis of this story was written with the help of an AI tool.)

(This story was corrected on June 2 at 08:25 GMT to say that the $4 billion ETF outflow streak started on May 11, not on May 15.)

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