Bitcoin is currently pegged below $75,000 after falling more than 5% over the past week, as institutional selling, large-scale liquidations, and macroeconomic uncertainty continue to pressure the cryptocurrency.
Bitcoin was trading near $73,300 at last check, after briefly falling to a monthly low of $72,785 on Thursday, according to CoinGecko data.
The cryptocurrency is currently about 42% below its all-time high, while price trends have narrowed to a consolidation range around $73,000 to $75,000.
The recent weakness coincides with a sharp reversal in demand from spot Bitcoin exchange-traded funds.
More than $733 million in physical Bitcoin ETFs were outflows in a single trading session, with BlackRock’s iShares Bitcoin Trust accounting for more than $500 million of the outflows, according to ETF flow data.
Spot ETFs are Bitcoin’s main source of liquidity, so the withdrawal of institutional capital removes a major source of buying support that had helped sustain the price in previous months.
Selling pressure quickly spread to the derivatives market as well. Data from CoinGlass shows that more than $744 million in crypto positions were liquidated within hours during the recent selloff, of which about $715 million were long positions.
The forced end to leveraged trading forced traders who had been trying to recover from the market, adding further downward pressure.
On-chain data also shows continued sales by old holders.
Approximately 4.45 million people, as previously reported by Invezz $BTC There has been a change in management in recent months, and supply has been concentrated around current price levels.
Typically, investors who accumulated Bitcoin at high prices have continued to use the rally as an opportunity to reduce their exposure, creating resistance every time the asset attempts to rise.
Outside of the crypto market, geopolitical developments are also adding to uncertainty.
Reports that the US military has resumed military operations near the Strait of Hormuz have reignited concerns about disruption to global energy supplies.
Financial markets have responded by moving to invest in defensive assets, but rising oil prices have renewed concerns that inflation could remain high.
Recent consumer and producer inflation measurements are already complicating expectations for Federal Reserve policy.
Market participants now largely expect interest rates to remain high for an extended period of time, reducing demand for risky assets such as cryptocurrencies such as Bitcoin.
Bitcoin price analysis
From a technical perspective, Bitcoin’s position around $73,000 is becoming increasingly important.
Just a few days ago, Bitcoin managed to secure a weekly close above $73,000, a level that several analysts considered important support.
In a comment posted on X on May 31, market analyst Recto Capital said that if the weekly close is above that level, Bitcoin will move closer to confirming the double-dip breakout pattern that has been developing since late February.
At the moment, the $BTC retest of $73k has been successful despite recent downside volatility
If Bitcoin manages to Weekly Close above $73k then price will be one step closer to confirming the Double Bottom breakout & be positioned to try to trend continue#BTC #Bitcoin https://t.co/4da9Kzlx89
— Rekt Capital (@rektcapital) May 31, 2026
Current price action suggests that support is being tested again.
The daily chart shows that Bitcoin is trading below its 20-day, 50-day, 100-day, and 200-day exponential moving averages, which are concentrated between roughly $75,800 and $81,000.
$BTC/USD daily price chart. Source: TradingView.
As long as prices remain below these levels, the market faces a series of resistance zones that can limit any upside attempts.
Momentum indicators are also showing weakness. The daily MACD has turned lower and moved into negative territory, indicating that the strength of the recovery seen in May has weakened.
However, the long-term range identified by some analysts remains intact.
On May 31st, cryptocurrency analyst Daan Crypto Trades said Bitcoin is trading near the bull market support band, noting that the weekly 200 moving average and exponential moving average continue to move higher towards the price.
$BTC/USD 1 week price chart. Source: Daan Crypto Trades on X.
Based on these higher timeframe levels, Bitcoin could continue to trade between $60,000 and $80,000 for an extended period of time, he said.
For now, Bitcoin appears to be trapped between major support near $73,000 and resistance near the mid-$70,000s.
A sustained move above a series of moving averages could improve sentiment and re-open the path to the $80,000 zone, while a decisive break below recent lows would focus attention on the support level in the upper $60,000 range.
