Bitcoin Price Plunge: Will $65K Be the Next Stop After ETF Outflows and Mt. Gox Moves?

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Will <a href="https://tech-oracle.com/btc-usd/">Bitcoin</a> price fall to $65K next as ETF outflows deepen?

Bitcoin’s price dropped below $70,000 as investors became more cautious. This shift happened because of several factors: money leaving Bitcoin ETFs, activity related to the old Mt. Gox exchange, and increased global tensions.

Summary

  • Bitcoin price fell below $70,000 as ETF outflows topped $3.4 billion and Mt. Gox moved $739 million worth of BTC.
  • Over $744 million in liquidations hit the market after BTC lost the $72,500–$73,000 support zone.
  • Analysts see $68,700 as the next key support, with $65,000 in focus if selling pressure continues.

As a researcher tracking the cryptocurrency market, I’ve observed that Bitcoin’s price was around $69,400 on June 2nd. Over the last day, it experienced a drop of over 2.7%, falling below the important $70,000 mark. This decline continued after the price moved below a support level between $72,500 and $73,000.

The price of Bitcoin briefly dropped after wallets connected to the former Mt. Gox exchange transferred 10,306 BTC (around $739 million) to a new, unidentified wallet and one currently in use. While no sales have been confirmed, this move sparked concerns that repayments to Mt. Gox creditors could increase the amount of Bitcoin available on the market.

Bitcoin ETFs in the U.S. recently experienced $483 million in net outflows, adding to existing concerns. This marks the 11th consecutive trading day of withdrawals, totaling over $3.4 billion leaving these funds, according to SoSoValue data.

News that Strategy sold 32 Bitcoin also negatively impacted market sentiment. Although the sale was only worth around $2.5 million, it was the first time the company had sold Bitcoin in about four years. This caught the attention of traders, who pay close attention to Michael Saylor’s firm because it’s one of the largest corporate owners of Bitcoin.

Bitcoin selloff deepens as macro risks push investors toward havens

West Texas Intermediate (WTI) crude oil prices dropped about 2% to around $90 a barrel on Tuesday, following a 4.2% increase the day before. Oil prices continued to fluctuate as traders monitored the ongoing uncertainty surrounding talks between the U.S. and Iran, and the potential for disruptions to shipping in the Strait of Hormuz.

Oil prices jumped on Monday following news that Iran had paused discussions with the United States due to Israel’s military actions in Lebanon. However, President Trump later stated that talks were continuing and suggested a deal to reopen the Strait of Hormuz might be reached as soon as next week.

From my perspective, we saw a clear flight to safety today. Gold and silver both increased in value, which tells me some investors are pulling back from riskier investments. It seems geopolitical issues, fluctuating oil prices, and persistent inflation are once again driving market concerns and prompting this shift.

The drop in prices was made worse by activity in derivative markets. Over a 24-hour period, more than 152,000 traders were forced to close their positions, resulting in over $744 million in liquidations. This happened because the price of Bitcoin fell below a key support level, forcing those who had bet on its price increasing to sell.

Bitcoin breakdown exposes $68.7K and $65K support zones

Looking at the daily price chart, Bitcoin has fallen below a recent upward trendline that had been supporting its price increase since the lows in February. This drop happened because Bitcoin couldn’t stay above a key support level around $74,169, specifically the 0.786 Fibonacci retracement level.

Bitcoin’s price has fallen below several key moving averages – the 20-day, 50-day, and 100-day lines. The longer-term 200-day moving average, around $79,291, is still much higher than the current price. This suggests that sellers currently have the upper hand, and Bitcoin needs to quickly rise back to between $71,500 and $72,500 to regain momentum.

As I’ve been analyzing the data, the MACD indicator is now showing a stronger downward trend. Both the signal line and the histogram have fallen below zero, which suggests that buying momentum is decreasing. However, I haven’t observed a dramatic sell-off just yet – the market isn’t quite showing signs of being deeply oversold.

Crypto analyst Team LAMBO believes Bitcoin has fallen below a recent upward trend, suggesting a strong likelihood of further price declines. They predict potential support levels around $68,700 and $65,000, and see $71,500 as a possible price to bet against the coin (short sell).

My colleague Ardi also pointed out that Bitcoin had fallen below several important support levels in just one day.

When Bitcoin’s price starts falling below key support levels on various charts, it often signals a move towards the next significant price point where many buy or sell orders are clustered. I’m watching around $68,700. If Bitcoin doesn’t quickly recover above its recent low, I expect it to fall to that level soon.

Bitcoin (BTC) is facing increasing downward pressure. Over the past 24 hours, it has fallen below several important support levels and is now breaking out of a strong downward trend. The daily chart already showed a significant breakdown, losing both a four-month-long trendline and the crucial $72,500 support level. And now…

— Ardi (@ArdiNSC) June 2, 2026

If Bitcoin doesn’t rise back above $71,500, it could initially fall to around $68,700, and then potentially to between $66,000 and $65,000. If the price drops further than that, it might test the demand area around $60,000, which was a support level in February.

As a researcher following Bitcoin, I’m watching to see if the price can break above $72,500. If it does, that would suggest the current downward trend might be losing steam and we could see a move back towards $74,169. However, right now, factors like money leaving Bitcoin ETFs, forced selling, and global political uncertainty are all pointing towards the possibility of further price declines.

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2026-06-02 13:45