After losing the critical support level at $70,000, Bitcoin’s outlook has deteriorated further, slipping to a fresh multi-month low.
While many altcoins are also trading in the red, their declines are generally less severe, and Bitcoin’s market dominance has continued to fall.
The chart above highlights Bitcoin’s weak performance across multiple timeframes. On the larger timeframe, it shows that BTC traded above $82,000 only a few weeks ago before being rejected and pushed sharply lower.
On a shorter timeframe, the chart indicates that Bitcoin entered June around $74,000 and plunged to about $67,500 within roughly 40 hours — a drop of approximately $6,500. Notably, the cryptocurrency has not been this low in nearly two months.
Most analysts have adopted a bearish stance, suggesting Bitcoin could fall to $65,000 or even lower in the near term.
Bitcoin’s market dominance has also fallen below 56% on CoinGecko, declining more than 1% in a single day and over 2% during the past week. Although many altcoins are down as well, several have outperformed BTC during this pullback.
Some observers have speculated that Strategy’s recent decision to sell a portion of its Bitcoin holdings may have contributed to the intensified sell-off.
Given the market’s weakness and the rapid pace of the drop, liquidations have surged. CoinGlass data shows that just over $1 billion in leveraged positions were liquidated in the last 24 hours, with long positions accounting for roughly 90% of the wipeouts.
More than 170,000 traders suffered liquidations, and the largest single liquidation occurred on Hyperliquid, exceeding $27 million.