TLDR
- Bitcoin dropped below $67,000 after weekly losses rose above 11%.
- Strategy sold 32 Bitcoin for the first time in four years.
- Bitcoin ETFs remained under pressure as market sentiment weakened further.
- The AG Pro OBV Pressure Divergence indicator showed bearish market pressure.
- Bulls need Bitcoin above $71,015 to regain short-term control.
For the last one week, Bitcoin has experienced a movement dominated by highs and lows. Bitcoin’s price has struggled to maintain a clear uptrend, with bears taking over and defining most of the movement. This downward trend comes at a time when MicroStrategy has offloaded 32 BTC and ETFs continue to read red.
Bitcoin Price Slides Below $67K After Daylong Downtrend
During today’s Asian trading session, Bitcoin opened its market value at a price of $71363. Since then, the leading asset in the market has trailed a downside pattern, extending its weekly losses above 11%. At the time of press, CoinMarketCap data reveals Bitcoin traded lower throughout the 24-hour session, falling to $66,587.
The Bitcoin price declined 6.81% over the period, showing steady downside pressure from early trading. Bitcoin started near the $71,000 area before recording a sequence of lower levels. The decline continued through the morning, with brief rebounds failing to hold above nearby ranges.
By midday, Bitcoin price moved below $70,000, extending the intraday slide. The price later dropped under $69,000, then weakened further toward the $68,000 zone. In the evening session, Bitcoin briefly rebounded but remained below earlier levels. The move then continued toward $67,000 before the latest drop reached the $66,500 area.
Strategy Sells Bitcoin for First Time in Four Years
The ongoing price trend comes at a time when the Strategy sell has occurred and Bitcoin ETFs remain in the red zone. Strategy reduced its Bitcoin holdings for the first time in four years to fund preferred stock dividends. According to a Monday 8-K filing, the Strategy sold 32 Bitcoin between May 26 and May 31.
The sale generated $2.5 million at an average price of $77,135 per Bitcoin. The proceeds will support dividend payments on STRC, its perpetual preferred stock known as Stretch. Strategy still holds more than 843,700 Bitcoin on its balance sheet.
The sale represented only 0.0038% of Strategy’s total Bitcoin position. Bitcoin fell below $71,500 after the sale disclosure on Monday. The decline also followed Iran’s move to halt talks with the United States. BTC-tracked futures recorded more than $90 million in liquidations shortly after.
Strategy last sold Bitcoin in December 2022 during a tax-loss harvesting transaction. That earlier move involved 704 Bitcoin, but Strategy later bought 2,395 Bitcoin. Strategy also raised $128.3 million through its at-the-market common stock program last week. The company increased its dollar cash reserve from $871 million to $900 million.
Bitcoin Bears Tighten Grip as OBV Signal Rules Out Bullish Setup
According to a TradingView technical analysis, the AG Pro OBV Pressure Divergence indicator reveals that Bitcoin remains under bearish pressure. BTC trades near $67,189 after a sharp four-hour decline below the lower range. The 55-period line sits near $71,015, while the 144-period line stands near $73,189.
These levels now act as key resistance zones. The indicator shows bearish bias, falling OBV pressure, and a lower-range context. It also shows the previous bullish OBV signal as invalidated. This rules out the earlier bullish setup for now.
Bears currently control momentum as selling pressure keeps the Bitcoin price below resistance. Bulls need a strong recovery above $71,015 to regain short-term strength. If bears maintain pressure, the Bitcoin price may test $66,250 next. A rebound above $71,015 could open recovery toward $73,189.
The post Bitcoin Price Falls Below $67K as Weekly Losses Top 11%: Can Bulls Reclaim Control? appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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