Bitcoin fell below $70,000 on Tuesday, touching an eight-week low of $69,390 after dropping about $4,000 in under 48 hours and briefly pushing its market cap under $1.4 trillion. The move triggered more than $470 million in liquidations over 24 hours, with roughly $455 million coming from long positions. Traders also debated the impact of Strategy's 32 BTC sale for $2.5 million and whether the decline is a larger breakdown or a typical bull-market pullback.

CME Group's crypto futures and options have traded continuously since 4:00 p.m. CT on May 29, setting up the first full week without the traditional weekend CME gap. In the first 48 hours, more than 7,200 contracts traded (about $50 million notional) as Bitcoin nearly lost the $70,000 level while U.S. equities closed at record highs on June 1.

Bitcoin pushed above $80,000 before meeting resistance near $82,000 and pulling back, leaving price action choppy. A pseudonymous analyst, HAMED_AZ, pointed to a $70,000–$73,000 demand zone, an ascending trendline, and the 0.5 Fibonacci level around $71,302 as signals that a rebound could still develop.

On June 2, 2026, Bitcoin briefly slipped under $70,000 for the first time since April, with liquidation totals reaching $766 million. The move coincided with Mt. Gox shifting 10,306 BTC ($731 million) and renewed attention on Strategy's 32 BTC ($2.5 million) sale, while geopolitical headlines also added uncertainty.

On June 2, Bitcoin slid toward $69,950 after the Mt. Gox rehabilitation estate moved 10,422 BTC—about $739 million—from cold storage into multiple newly created, unmarked addresses. BTC dropped from $71,000 to an intrahour low near $69,950 as traders reacted to the transfer, while on-chain data showed no immediate surge in exchange inflows.

Interactive Brokers strategist Steve Sosnick said on the “Bits + Bips” podcast that crypto’s pullback is exposing “tourist” capital that bought momentum and is now selling. Spot bitcoin ETFs recorded $1.42 billion in net outflows from May 25 to May 29, while spot ether ETFs saw $241 million leave over the same period. Sosnick argued that sustained rallies require conviction holders who won’t rotate out when competing trades—such as AI stocks—grab attention.

On June 2, Mt. Gox reactivated its cold and hot wallets and transferred 10,306 BTC (about $729M) to a new, untagged address, alongside a separate move of roughly 116 BTC to its hot wallet. The bankrupt exchange still holds around $4B in BTC and has extended its creditor repayment deadline to October 31, 2026, while Bitcoin traded below $71,000 during the volatility.

Bitcoin ended May at $73,560, down 3.40% for the month, as analysts debated whether the February low near $60,000 marked this cycle's bottom. PlanB argued the data suggests a greater-than-50% chance of further downside, with the 200-week moving average around $61,000 and realized price near $53,000 highlighted as key levels.