What to know:
- The Bitcoin price has fallen around 13% in one week as selling pressure intensifies.
- U.S. spot Bitcoin ETFs recorded $4.21 billion in outflows over the last three weeks.
- On-chain data shows rising realized losses and weakening investor confidence.
The Bitcoin price has entered another difficult phase after dropping to nearly $67,000, reversing much of the recovery seen earlier this year.
A combination of stronger U.S. economic data, rising bond yields, and continued institutional selling has increased pressure on the market. According to Glassnode, U.S. job openings reached 7.62 million in April, significantly above expectations.
The 10-year Treasury yield rose above 4.45% as markets reassessed Federal Reserve policy, with expectations shifting toward higher rates by 2026, increasing pressure on risk assets like Bitcoin.
At the same time, U.S. spot Bitcoin ETFs recorded $4.21 billion in outflows over three weeks, the largest institutional withdrawal streak this year, signaling reduced investor exposure.
Focus is now on the upcoming U.S. nonfarm payrolls report, which could set the next direction for financial markets.
Bitcoin Price Returns to Bear Market Territory
On-chain data suggests the Bitcoin price has slipped back into a bear-market-like range after failing to hold above the True Market Mean at $77,800. With BTC now near $67,000, it is moving closer to the Realized Price of $53,900.
Source: Glassnode
Short-term holders’ cost basis has dropped to $76,400, signaling weaker confidence and increased selling pressure. Meanwhile, the Realized Profit and Loss Ratio fell sharply from 3.16 in May to 0.29, showing losses now outweigh profits after the failed move above $80,000.
Also Read: Bitcoin Supply Dynamics Defy Logic Post 1.24M BTC Absorption
Losses Accelerate as New Buyers Face Pressure
The recent decline has pushed many Bitcoin buyers into unrealized losses, particularly those who entered between $78,000 and $82,000. As prices near breakeven levels, the risk of further selling may increase.
Glassnode data shows daily realized losses have reached $1.35 billion, with long-term holders accounting for about $770 million and newer investors making up the rest, signaling broad-based selling pressure across the market.
Source: Glassnode
ETF Resistance and Options Market Signal Caution
The Bitcoin price bounce at $83,000 failed when lots of investors sold instead of buying. This support level turned into resistance. Now, spot demand is weak, and the 7-day volume drop shows sellers are leading the pack.
Source: Glassnode
Over $400 million in leveraged long bets vanished when Bitcoin fell under $70,000. Plus, options markets aren’t bullish: put options outweigh call options. Key gamma levels between $65,000 and $70,000 indicate volatility’s not done yet.
Source: Glassnode
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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