Bitcoin Falls to $67,134 as Strategy Sells First BTC Since 2022

Bitcoin dropped 6.1% to $67,134 on June 3, marking its lowest level in two months. The decline followed MicroStrategy’s announcement that it sold 32 BTC between May 26 and May 31 for $2.5 million at an average price of $77,135 per coin. This was the company’s first bitcoin sale since December 2022, breaking a three-year accumulation streak that had made it the largest corporate holder of BTC with 843,706 coins remaining.

Strategy’s Bitcoin Sale Breaks Four-Year Buying Streak

MicroStrategy sold 32 BTC to fund preferred stock distributions, marking a sharp reversal from its relentless buying strategy. The company still holds 843,706 BTC but the sale signaled to markets that even the most committed institutional buyer may prioritize debt obligations over accumulation. Analysts described the move as “slaying the sacred cow” to de-risk the company’s leveraged balance sheet.

Institutional Outflows Accelerate Bitcoin Decline

Spot Bitcoin ETFs recorded 11 consecutive days of outflows totaling $3.45 billion since mid-May 2026. BlackRock’s IBIT fund alone posted a $440 million outflow on May 31. Assets under management in US spot BTC ETFs fell from $104 billion to $94 billion in two weeks. Investors moved out of crypto as higher-performing sectors like AI offered alternatives, marking the longest outflow streak since these funds launched in January 2024.

Technical Breakdown Signals Oversold Conditions

Bitcoin broke below the psychological $70,000 support level and the 76.4% Fibonacci retracement at $69,151. The RSI fell to 26.93, indicating oversold conditions, while the MACD histogram turned sharply negative at -1,233.61. Daily moving averages shifted into full bearish configuration after the break of the 100-day average at $73,252. Meyka rates BTCUSD a C+ with a 12-month target of $97,867.61, suggesting limited downside from current levels.

Geopolitical Risk and Macro Headwinds Compound Losses

Iran’s suspension of US ceasefire talks added to risk-off sentiment across markets. The ISM Manufacturing PMI printed 54.0 in May, beating forecasts but showing elevated price pressures at 82.1. The Federal Reserve held rates at 3.50-3.75% with futures pricing zero chance of a June cut. Long liquidations exceeded $431 million and Bitcoin fell 7% over the month, but one Bitfinex whale accumulated leveraged long positions at lower prices, signaling confidence in a rebound.

Final Thoughts

Bitcoin’s 6.1% drop reflects structural reallocation rather than panic. With Meyka rating BTCUSD a C+ and targeting $97,867.61 over 12 months, the oversold RSI at 26.93 suggests limited downside risk despite near-term weakness.

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The content shared by Meyka AI PTY LTD is solely for research and informational purposes.  Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.