- Bitcoin’s price dropped to $76,500 on Monday, erasing nearly all of May’s gains amid US-Iran war tensions.
- Short-term holders sold over 10,000 BTC worth approximately $770 million at a loss, reflecting panic and stress.
- Analysts warn that a drop below $76,000 could trigger a downtrend toward the $65,000-$70,000 support range.
- US spot Bitcoin ETFs saw $648.6 million in net outflows on Monday, the largest single-day withdrawal since late January.
Bitcoin plummeted to $76,500 on Monday, wiping out almost all its May gains as geopolitical tensions soured market sentiment. This sharp decline prompted a widespread reevaluation of risk, with many recent buyers offloading their holdings at a loss.
Consequently, data from CryptoQuant shows short-term holders sent over 10,000 BTC worth about $770 million to Binance while in the red. Analyst Amr Tah said this reflects “short-term holder stress, forced selling, or capitulation from weaker hands.”
Meanwhile, significant outflows hit institutional products, with US spot Bitcoin ETFs recording $648.6 million in net withdrawals. Analyst Alek_Carter remarked on X that “Money is rotating out fast, panic is creeping in.”
Technical and on-chain analysts now forecast potential further declines. CryptoQuant’s Sunny Mom predicts a bottoming range between $65,900 and $70,500 based on HODL Wave data.
Market momentum appears to be shifting, with Bitcoin printing five consecutive red daily candles. MN Capital founder Michael van de Poppe warned on X that holding the $74,500-$76,000 support zone is critical. He added that failure could lead to a cascade toward testing support below $65,000.
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