Bitcoin Slides Below $71K as $627M in Leveraged Positions Liquidated
Key Facts
Amid rising selling pressure on high-risk assets, the cryptocurrency market experienced a sharp correction that broke through key support levels. Bitcoin price tumbled below the $71,000 level for the first time since April, triggering $627 million in leveraged liquidations across the crypto market. Consequently, the total crypto market capitalization fell to $2.52 trillion following this broad sell-off.
This decline coincides with selling pressure from major institutional holders, as reports indicated a sale of 32 BTC by MicroStrategy amid ongoing geopolitical tensions. Compared to historical performance, Bitcoin remains significantly up year-to-date; however, current volatility reflects market sensitivity toward spot ETF inflows, which have seen a momentum slowdown per market data.
Traders should watch the psychological support level at $68,000, with Bitcoin trading at $70,850 (June 1, 2026). Looking at the economic calendar, the U.S. GDP growth rate data scheduled for May 28 could influence dollar strength, which typically shares an inverse correlation with cryptocurrency performance.
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Update: Additional details revealed that MicroStrategy's disposal of 32 BTC was conducted to finance financial obligations related to its preferred shares. This move is particularly significant as it marks the company's first reduction in Bitcoin holdings since 2022, raising questions about the long-term retention strategy of the largest institutional holder.