This Tuesday, June 2, 2026, the price of bitcoin has just undergone a brutal correction, slipping below the psychological threshold of $70,000. It even touched a low of $69,390 according to Bitstamp data. Which triggered a wave of massive liquidations. The data shows more than $455 million in long positions vanished in the space of a few hours. Result: thousands of optimistic crypto traders find themselves trapped.
In brief
- Bitcoin touched $69,390, its lowest level in almost eight weeks.
- $455 million in long positions were liquidated.
- Crypto analysts remain divided between a classic correction and prolonged downside risk.
Bitcoin fell below $70,000: we explain why
According to data relayed by Bitstamp, the BTC price dropped almost $4,000 in less than 48 hours. Its capitalization even briefly fell below the threshold of 1,400 billion dollars. At the time of writing, the value of bitcoin stands at $69,400.
According to crypto analysts, it all started with the sale of 32 bitcoins carried out by Strategy between May 26 and 31. The company generated approximately $2.5 million at an average price of $77,135 per BTC. The operation remains tiny compared to the 843,706 bitcoins held by the company. Nonetheless, the signal sent to the crypto market has fueled a new wave of uncertainty.
A cascade of liquidations on derivatives markets
According to the market datathere decline in bitcoin caused more than $470 million in liquidations on leveraged positions. Among them:
- $455 million was in long positions;
- almost 60% of liquidations came from bitcoin;
- $805 million was wiped across the entire crypto market.
This reaction illustrates the sensitivity of crypto traders to sudden movements of BTC. Decryption: when technical levels give way, forced sales often amplify the bearish pressure.
Two opposing readings of the crypto market
Peter Schiff, defender of gold and outspoken opponent of bitcoin, sees this as a warning signal. According to him, the upcoming correction on the indices could be even more devastating if BTC is holding up poorly while the Nasdaq is breaking records.
On the other hand, GMI founder Raoul Pal puts things into perspective. He describes the situation as a “violent correction in a bull market.” He also recalls that similar episodes (sometimes much more severe) have punctuated each cycle since 2013 without calling into question the basic trend of bitcoin.
In both cases, one detail worries some observers more. Unlike the sale of 704 BTC carried out by Strategy in December 2022, the latest transfer seems final. It aims in fact to cover operational debt, without any announced buyback commitment.
One thing is certain: this correction is a reminder that the bitcoin market remains volatile. Is this an ordinary correction in a bull run or a first signal of deeper fragility? The next few days will probably provide an answer.
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