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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
Amid a period of intense price correction, Standard Chartered analysts suggest that Bitcoin is nearing a market bottom following a sharp 14% decline over the past seven days. According to reports, the bank attributed this recent slump to a surprise sale by MicroStrategy combined with significant market liquidations, which have accelerated the flushing out of leveraged positions. Analysts maintain that while the sell-off has been aggressive, it marks a necessary phase in establishing a definitive floor for the current cycle.
This shift in institutional behavior comes as Bitcoin ETFs continue to face headwinds, with the Grayscale Bitcoin Trust (GBTC) seeing cumulative outflows exceeding $17 billion since its January conversion per Farside Investors data. The surprise selling pressure from MicroStrategy contrasts with its previous status as a primary market backstop; the firm held over 214,000 BTC at an average price of $35,160 as of its Q1 2026 results, making its recent divestment a pivotal sentiment driver per market data.
At the close of June 3, 2026, BTC was trading near the $68,450 level, with traders focusing on the $60,000 support zone as a key psychological barrier. Looking ahead, the market is awaiting the U.S. Non-Farm Payrolls report on June 5, 2026, which will serve as a major catalyst for broader liquidity conditions and risk appetite in the crypto sector.