Bitcoin came under heavy pressure on June 3, falling roughly 6.5% in the past 24 hours to trade near $66,000. The decline triggered more than $1.7 billion in liquidations across the crypto ma
Bitcoin came under heavy pressure on June 3, falling roughly 6.5% in the past 24 hours to trade near $66,000. The decline triggered more than $1.7 billion in liquidations across the crypto market, making it one of the biggest leveraged wipeouts in recent months.
According to one analyst, the selloff appears to be the result of several bearish developments hitting the market at the same time.
One of the biggest concerns remains the continued outflows from spot Bitcoin ETFs. Investors have now pulled roughly $3.45 billion from these funds over 11 consecutive trading sessions, creating persistent selling pressure.
At the same time, Strategy (formerly MicroStrategy) surprised the market by selling 32 BTC. While the amount is small compared to the company’s overall holdings, it marked the firm’s first Bitcoin sale since 2022 and caught the attention of investors.
Another factor weighing on sentiment was fresh activity from Mt. Gox-linked wallets. Reports of test transfers to exchanges revived concerns that additional Bitcoin could eventually enter the market as creditor repayments continue.
The combination of ETF outflows, Mt. Gox concerns, and the strategy’s rare sale pushed sentiment sharply lower.
The Crypto Fear & Greed Index dropped from 23 to 11 in just one day, placing the market deep into “Extreme Fear” territory. As Bitcoin broke below important price levels, leveraged long positions began to unwind, accelerating the selloff and contributing to the $1.7 billion liquidation event.
Despite the market panic, crypto analyst Michaël van de Poppe sees the current decline as an important area to watch.
It's an interesting zone for #Bitcoin, as beneath the $66K zone is where we need to see whether or not we're going to get ourselves into some interesting longs.The added part to that is the area at $61K at the 200-Week MA for support.Those are important to be looking at… pic.twitter.com/fdQg9IPEr0
— Michaël van de Poppe (@CryptoMichNL) June 3, 2026
According to van de Poppe, the region around $66,000 could provide support for Bitcoin, while the 200-week moving average near $61,000 remains another major level of interest. He noted that he plans to continue accumulating positions if prices move further into this range.
Not everyone is optimistic.
Longtime Bitcoin critic Peter Schiff argued that the market has not reached a bottom yet. He warned that if Bitcoin falls below $50,000, the next move could send the asset below $20,000.
There is way too much complacency in Bitcoin for the market to be anywhere near a bottom. When Bitcoin breaks $50K, it should be a quick fall below $20K, which should be a big enough drop to shake the conviction of long-term HODLers, causing many to finally throw in the towel.
— Peter Schiff (@PeterSchiff) June 2, 2026
Schiff also criticized Strategy’s Bitcoin-focused strategy and pointed to growing risks surrounding the company’s financial products as market conditions become more challenging.
For now, Bitcoin traders remain focused on whether the $66,000 support zone can hold as fear continues to dominate the market.
