Bitcoin Plunges to $70K on Synergy Inc. Symbolic Sales
Bitcoin (BTC) price declined by 4.11% to $70,208.55, underperforming a broadly weaker crypto market, primarily driven by sustained institutional selling and heightened geopolitical risk.
Top cryptocurrencies, including Bitcoin, remained under significant bearish pressure. Bitcoin has fallen below its 50-, 100-, and 200-day moving averages and broken the ascending trendline from April.
Bitcoin faced sustained selling pressure from U.S. spot Bitcoin ETFs, which saw nearly $3 billion in outflows over 10 consecutive days, turning year-to-date flows negative.
Concurrently, corporate treasury firm Strategy Inc. sold 32 BTC—its first sale since 2022—to fund dividends, which weighed on market sentiment despite the small size.
These outflows occurred alongside escalating U.S.-Iran military tensions, prompting a broader risk-off shift in capital. Institutional demand, a key pillar of the recent bull market, is showing clear signs of fatigue, leaving Bitcoin vulnerable to macro shocks.
The price decline triggered a massive unwinding of over-leveraged bullish bets. In the past 24 hours, $400.3 million in Bitcoin positions were liquidated, with longs accounting for 96% of the total.
This derivatives flush acted as a selling amplifier, accelerating the drop through forced position closures. The market was overly optimistic, and the rapid deleveraging confirms a shift in sentiment from greed to fear.
Technically, Bitcoin has broken below the key short-term holder cost basis zone near $72,000. The immediate resistance is now the $72,000–$72,500 area (the 61.8% Fibonacci retracement and recent breakdown point).
If selling pressure from ETFs continues, the next major support is the $68,000 level, which marked the range low in early April. The structure has shifted bearish in the short term, and the path of least resistance is down until key overhead resistance is reclaimed.
The confluence of institutional selling, geopolitical anxiety, and a leveraged washout has shifted near-term momentum to the downside. ADAUSD -Cardano Gains 2% on Staking, Whale Accumulation
