Bitcoin is sitting at $68K and the whole market feels heavy. Alts that looked strong just two weeks ago are now bleeding alongside BTC, and my own portfolio has taken some hits. My DOGE long is currently underwater. I had to cut positions on $XLM, $HBAR, and $STABLE. Still running $ZEC, $DOGE and $NEAR, but the vibe is rough.
I’ve been trying to find longs in this dip — five attempts on BTC alone from $74K down to $68K. Three stopped out, two I cut at break even. Not exactly a hot streak. But that’s trading sometimes. Today I want to break down why BTC dropped to $68K, what the chart is telling me, and where I’m positioning next.
Why Did Bitcoin Drop to $68K? The Macro Picture
This wasn’t one thing. It was a pile-up.
The Fed isn’t cutting. Sticky inflation and a stronger US dollar are killing appetite for risk assets. When rate cut hopes fade, money rotates out of crypto and into cash or bonds. Bitcoin feels that rotation harder than most.
Geopolitics. US-Iran tensions have been simmering for weeks, keeping traders cautious. Oil uncertainty bleeds into macro uncertainty, and macro uncertainty bleeds into crypto.
ETF outflows hit a 2026 record. US spot Bitcoin ETFs saw roughly $3.45 billion in withdrawals across 11 consecutive trading sessions through late May — the largest monthly ETF exodus of the year. Bloomberg’s Eric Balchunas pointed out that $3B against a $100B asset base is statistically minor, and cumulative net flows since launch are still near $57 billion. But when sentiment is already shaky, outflow headlines add fuel.
A billion dollars in liquidations. When BTC broke below $73K on May 28, nearly $1 billion in crypto positions were liquidated — Bitcoin leading at around $386 million. Leveraged longs getting wiped accelerates the move down.
The Saylor Surprise — 32 Coins That Moved a Market
This is the story of the week, and the numbers will make you laugh.
Strategy — Michael Saylor’s company, the largest publicly traded holder of Bitcoin — sold 32 BTC between May 26 and May 31 for about $2.5 million. That’s 0.0038% of their 843,706 BTC position. In the same week, they raised $128 million selling their own stock. The BTC sale was a rounding error.
But the market flinched anyway. Hard.
Why? Because for five years, Saylor’s entire brand was built on one promise: buy Bitcoin, never sell. That’s what made MSTR a leveraged BTC proxy rather than just another fund. The moment that doctrine broke — even symbolically, even for $2.5M — the narrative cracked. He telegraphed it on the Q1 earnings call (“we will probably sell some bitcoin to pay a dividend just to inoculate the market”), and the market still reacted when it happened. Sentiment doesn’t care about percentages. It cares about stories.
Mt. Gox: The Ghost That Won’t Go Away
On June 2, Mt. Gox moved 10,306 BTC — around $729 million — to a new wallet after two months of complete inactivity. The transfer happened right as BTC was losing the $71K level. Analysts largely believe this is internal wallet restructuring rather than preparation for distribution, and the creditor repayment deadline has been pushed again to October 31, 2026.
Still — around 80,000 creditors who acquired Bitcoin at under $1,000 back in 2014 are watching those wallets. Every time Mt. Gox moves coins, the overhang of potential sell pressure spooks the market. It’s a ghost story that keeps coming back.
The Technical Picture: Where BTC Stands Right Now
Looking at the 1H chart, the structure is not encouraging short-term.
BTC has been printing lower highs and lower lows since late May — a textbook short-term bearish trend. The move accelerated when price lost the $73,250 support level, which had been holding as a floor. After that broke, there was little structure between there and the Fibonacci levels in the $67K zone.
Right now, price is sitting right on the 0.618 Fibonacci retracement at $67,719 and the 0.65 level at $67,016. These are the exact levels marked on the chart with the red circle showing this area previously acting as a base back in early April. Historical confluence makes this zone meaningful.
RSI is sitting below 30, deep in oversold territory. That doesn’t mean a reversal is guaranteed — oversold can stay oversold — but it does mean momentum is getting stretched.
Key levels to watch:
- Support now: $67,719 (0.618 fib) and $67,016 (0.65 fib)
- Below that: $62,170 is the next meaningful floor if $67K cracks
- Resistance above: $69,799 → $71,391 → $73,250 to reclaim
The Fear & Greed Index is sitting around 29, deep in fear territory. Which, historically, is when setups start to get interesting.
My Trade: Five Attempts and Still Looking
I tried to long BTC five times on the way down from $74K to $68K. Three times I ate a stop loss. Twice I cut at break even. Not the run I was hoping for, but risk management held — no big damage done.
That’s the only thing that matters. Results fluctuate. Process doesn’t. If you’re sizing correctly and respecting your stops, a bad run is just variance, not a disaster.
So here we are again, at an important level. The Fib confluence around $67.7–$67K is where I’m watching for a long. I need to see some strength show up above $67,800 before I’m interested — I’ll be watching order flow closely before pulling the trigger.
Invalidation: Below $67,000, I’m out. Tight, but that’s the level. If $67K breaks cleanly, next support is a long way down.
Target: $77–78K if the trade works.
Not a conviction trade — more of a “the market is at an interesting spot and I want to be positioned if it decides to bounce.” Manage the risk, keep the size reasonable.
DCA Is Always an Option — And Right Now It Makes Sense
Not everyone wants to play these levels with active trades. That’s completely valid.
If you start dollar-cost averaging into Bitcoin today and continue through November or December, you’re building a position right in the thick of what could be the bear market bottom zone. You’re not trying to call the exact low — you’re spreading your entries across a range and letting time do the work. If 2027 and 2028 play out the way historical Bitcoin cycles suggest, an average entry price built through this period could look very smart in hindsight. No stress, no stop losses, no watching order flow at 7am. Just a plan and patience.
For beginners, especially, DCA through this period is likely the most risk-controlled strategy on the table right now.
Final Words
Bitcoin dropping to $68K feels bad. But understanding why it dropped matters more than the price itself. Macro headwinds, a symbolic Saylor sale, Mt. Gox ghost pressure, and a cascade of liquidations — these are the ingredients of a fear-driven move. Fear-driven moves create levels. Levels create opportunities.
Whether you’re trading them actively or quietly stacking through DCA, there’s a path forward from here. Stay patient, manage risk, and don’t let the noise make decisions for you.
If you enjoyed this blog, you may want to check our other trading blogs.
See you next time. And as always — don’t forget to claim your bonus below.
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