🔥 Why Bitcoin price is down? 👎
Bitcoin's 2.4% 24-hour decline reflects trade tensions, spot ETF outflows, and technical resistance breakdown.
Trade war fears triggered risk-off moves across crypto and equities
$616M Bitcoin ETF outflows marked the largest single-day withdrawal since May 15
MACD bearish crossover confirmed weakening momentum below $105K support
Deep Dive
1. Primary Catalyst: Macro Headwinds
President Trump's May 30 accusation of China breaching trade terms reignited global risk aversion (TradingView News). This correlated with:
3.1% drop in S&P 500 futures
$680M crypto liquidations (65% longs)
BTC's 60-day correlation with 10Y Treasuries at record lows (Bitcoinist)
2. Market Dynamics: Institutional Rotation
Spot Bitcoin ETFs saw $616M outflows on May 31 - BlackRock's IBIT alone lost $430M. This contrasts with:
$3B inflows into Ethereum ETFs over 10 days
BTC dominance rising to 63.5% as altcoins bled more severely
Technical Context:
Price broke below 50-day SMA ($97,755) and 23.6% Fib ($107,588)
RSI(14) at 50.21 shows neutral momentum, but MACD histogram (-1,058) signals bearish acceleration
Conclusion
Bitcoin's dip combines geopolitical risk repricing, institutional profit-taking after the $111K ATH, and technical breakdown below key moving averages. With the CME gap at $102,315 still unfilled and ETF flows turning negative, will bulls defend the psychological $100K level or face deeper correction?
