Bitcoin has fallen to $103,570, down over 1.50% in the last 24 hours, with over $827 million in liquidations. Most of these were longs being forced to sell into a falling market, accelerating the decline. This wave of selling has added significant downward pressure, and we are now at multi-week lows.
The liquidation spree serves as a reminder of the dangers of leverage in a volatile cryptocurrency market, where significant price movements can trigger automated sell orders.
$827M liquidated, mostly longs BTC below key support, now trying to get back to $104K Volume is $52.38B as of todayMacroeconomic Jitters and ETF Outflows Weigh In
Beyond the immediate market chaos, macro and geopolitical risks are adding to the uncertainty. An insufficient US GDP number and ongoing tariff disputes from the Trump era are spooking investors. High-risk assets, such as Bitcoin, are being hit the hardest as caution spreads through the markets.
BlackRock’s iShares Bitcoin Trust (IBIT) saw a record $430.8 million outflow on May 30, ending a 31-day inflow streak. This is the largest single-day outflow since the ETF’s January 2024 debut, indicating that institutional players are becoming increasingly nervous.
Across all 11 US spot Bitcoin ETFs, $616.1 million was outflowed for the day. While BlackRock’s Bitcoin holdings remain at $70 billion, the outflows indicate a shift in sentiment.
Bitcoin Technical Analysis: Key Levels and Rebound Signs
On the technical front, the Bitcoin price prediction appears bearish, as BTC has violated the upward trendline. On the 4-hour chart, Bitcoin has broken below a rising trendline and is forming a descending triangle. This classic pattern, where lower highs converge to horizontal support, indicates more bearish momentum.
Bitcoin Price Chart – Source: TradingviewThe 50-period EMA is a ceiling at $106,932. The MACD is confirming this with a bearish crossover and red histogram bars.
Key levels to watch:
Support: $102,141 – if this breaks, we could see $100,799 or $99,356 Resistance: $106,409 – potential reversal point if patterns emerge* Reversal Watch: Bullish candlesticks (Morning Star, Bullish Engulfing) at support, MACD divergence, 50-EMA reclamation as reversal signsThe short term is bearish, but a significant reversal with strong buying at support could take us back to $104K and beyond. But without reversal signs, be cautious, as the path of least resistance is down.
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The post Bitcoin Price Prediction: Post-$827M Liquidation Carnage – Can BTC Reclaim $104k Amid ETF Inflows? appeared first on Cryptonews.
