Bitcoin's price dropped below $66,000, marking its third consecutive day of decline and erasing all of its April gains. Short-term holders are realizing losses at the strongest pace since early February, sending coins to exchanges. The cryptocurrency is testing support levels not seen since February, with the $64,500-$66,500 range being a critical demand zone.
Bitcoin's price has fallen below $66,000, marking its third consecutive day of decline and erasing all of its April gains. The cryptocurrency reached an intraday low of $65,362. On-chain data from CryptoQuant indicates that short-term holders are realizing losses at the strongest pace since early February, with the "STH Loss to Binance" metric dropping to -16,400 BTC on June 2. The "STH Loss to Exchange" metric also saw a significant reading of -38,700 BTC on the same day. Mid-sized investors were observed sending approximately 8,400 BTC to Binance on June 2, the highest amount since February 6. Bitcoin has broken down from the $72,000-$74,000 support zone and is now testing the $64,500-$66,500 demand zone, which previously absorbed selling pressure in February. The technical structure has deteriorated, with BTC losing its 50-day and 100-day moving averages.
The current price action and on-chain data suggest a critical juncture for Bitcoin, with the potential for either a capitulation event leading to stabilization or a deeper downtrend if support levels fail. This is significant for short-term holders and the broader market sentiment.