Key Insights:
- The token dropped near $72,600 as crypto liquidations reached nearly $930 million within 24 hours globally.
- BlackRock IBIT posted $527.8 million outflows while US Bitcoin ETFs lost over $1 billion recently.
- Bitcoin trades within $73K to $71K support zone aligned with key indicators levels observed.
- Analysts continue watching the token’s $75,000 recovery zone as macroeconomic fears pressure broader crypto market activity.
Bitcoin traded near a six-week low after heavy selling pressure hit the market on May 28. The asset dropped near $72,600 as spot Bitcoin ETF outflows increased and leveraged positions faced liquidations. Traders also reacted to rising Treasury yields and global market concerns.
Market data showed that BlackRock’s IBIT ETF recorded $527.8 million in daily outflows. This marked the fund’s largest redemption day since launch. United States spot Bitcoin ETFs also posted combined net outflows of $733.4 million in one day. Total outflows crossed $1 billion during the last three trading sessions.
Bitcoin Holds Key Technical Support Zone
Crypto analyst Ali Charts stated that Bitcoin has reached a major support zone between $73,000 and $71,300. The analyst explains that the token was consolidating near the lower boundary of an ascending channel active since February. The report added that the support area aligned with the 100-day simple moving average and the 23.6% Fibonacci retracement level.
The analyst stated that this cluster created a structural floor for Bitcoin’s current trend. Also noted “If the buyers defend this zone, we can expect a steady expansion back toward $77,000 or even $79,500.”
According to the report, there is a possible downside pressure if the token falls below $71,300. A break under this level could open a path toward the February support area near $60,000. The analyst linked this scenario to short-term speculative leverage leaving the market.
The asset traders continued watching price action closely as volatility remained elevated across crypto markets. Market participants also tracked ETF flows and liquidation data during the trading session.
ETF Outflows and Liquidations Pressure Bitcoin Market
Bitcoin News reported that crypto liquidations reached nearly $930 million within 24 hours. More than 165,000 traders were affected during the sell-off. The report also noted that rising Treasury yields and geopolitical tensions increased pressure on risk assets.
Analysts additionally pointed to concerns about a possible $150 billion liquidity drain from the United States Treasury market. BlackRock’s IBIT ETF remained one of the most watched funds during the decline. The large redemption raised attention across the crypto sector because institutional ETF flows often influence short-term market sentiment.
Some market analysts now monitor the $75,000 level as a key recovery zone for the asset bulls. Traders are also watching whether Bitcoin can maintain support above the $71,300 region in the coming sessions.
The token remain under pressure at publication time, although buyers continued defending major technical levels. Market activity may remain volatile as traders respond to macroeconomic developments and ETF movement data.
