Bitcoin may rebound after sub-$70K dip as MicroStrategy sells

Bitcoin declined 16% over two weeks and hit an intraday low of $65,370 on June 3, 2026, after MicroStrategy sold a portion of its Bitcoin holdings for the first time since 2022. The sale marked a break from the company’s prior stance of holding its position indefinitely and coincided with accelerated selling across markets.

The price drop steepened on June 1–2 as spot BTC/USD fell sharply. Aggregated long liquidations across major derivatives venues reached about $482 million on June 2, reflecting a large number of leveraged long positions closed by margin calls and adding downward pressure on the spot market.

Technical indicators showed Bitcoin trading just above a medium-term support level at $62,250 and the lower edge of a long-term rising channel that begins at the December 2018 low. The daily relative strength index fell to 21.8 on June 2, the weakest reading since February 5, 2026.

On-chain measures recorded changes during the same period. The percentage of one-year active supply — coins that moved at least once in the past 12 months — declined from 40.3% on April 23 to 39.3% on June 3, indicating less recent movement by a portion of the circulating supply.

Trading models and technical scenarios identified two main price paths. A decisive daily close above $62,250 would put intermediate resistance near $74,880 and open a possible retest of roughly $82,815, close to the 200-day moving average. A daily close below $62,250 would invalidate that recovery pathway and could extend the correction toward a long-term support zone between $57,590 and $52,590.

Market participants recorded that the immediate reaction reflected both the sale and forced liquidations in futures and perpetual swaps. On-chain metrics showed reduced one-year active supply in the period after the sale. Traders are watching daily closes around the $62,250 level and the scale of futures liquidations for signals on near-term price direction.