Bitcoin dropped to $70,000 in early Asian trading Tuesday, extending a weekly slide that now sits at 8%. The 3.8% daily decline comes as multiple analysts flag a potential breakdown, and Michael Saylor's Strategy quietly offloaded 32 BTC for roughly $2.5 million late last month.
Losing the Cost Basis Zone
Swissblock warned Wednesday that Bitcoin is on the 'edge of a breakdown' after losing its Cost Basis Zone, a band between roughly $72,000 and $79,000. That level, which has historically acted as support, gave way during the sell-off. Glassnode data backs the bearish read: sellers dominate, ETF outflows accelerated to $1.3 billion, and fresh capital has stalled. 'The recovery stalled exactly at the short-term holder cost basis and rolled over,' Bitcoin Capital noted.
A market out of sync
Analyst Sykodelic pointed out that Bitcoin’s weakness against the wider market has reached its highest point ever. It’s the only macro asset not in expansion, having completely decoupled from other asset classes. That's a stark shift from the narrative earlier this year that Bitcoin was trading as a risk-on macro hedge.
Strategy's tiny sell
Michael Saylor's Strategy sold 32 BTC in late May, pocketing around $2.5 million. The amount is negligible relative to the company's billion-dollar holdings, but any sale from a firm known for perpetual accumulation draws attention. The timing isn't great — right before a 8% weekly drop.
Where it could go next
The bottom of Bitcoin's recent range sits around $65,000, and several models now see the $60,000 zone as the next stop. Whether that level holds depends on whether ETF outflows slow and buyers step back in. For now, sellers are in control.
