Bitcoin (BTC) traded at $66,970 on Wednesday, June 3, 2026, holding just above its two-month low after a 9.5% weekly slide that dragged the entire digital asset complex lower. The total crypto market capitalization sits near $2.3 trillion, down roughly 8.7% on the week, with Ethereum at $1,872, XRP at $1.23 and Dogecoin at $0.094.
This selloff is not the work of one headline: twelve straight days of spot Bitcoin ETF outflows, Michael Saylor’s first BTC sale in nearly four years, and a Federal Reserve that has closed the door on rate cuts have stacked on top of each other.
The two catalysts that decide the next move are Friday’s jobs print and the next daily ETF flow report.
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Why crypto prices are sinking today?
The mechanical driver is institutional money walking out the door. Spot Bitcoin ETFs recorded $519.2 million in net outflows on June 2, extending the run to twelve consecutive sessions and more than $3.2 billion in total redemptions.
Ethereum ETFs added another $90 million in daily outflows. Wintermute research called the combined run the longest redemption streak since the funds launched.
“Bitcoin is going through one of its most delicate periods in recent weeks,” said Antonio Di Giacomo, Senior Market Analyst at XS.com. Di Giacomo ties the weakness to slow US-Iran negotiations that have pushed capital toward traditional safe havens and away from crypto risk.
The leverage flush made it worse. More than $1.2 billion in crypto positions were liquidated on June 2, with longs accounting for the bulk of the damage. Saylor’s Strategy sold 32 BTC, its first sale since 2022, a financially trivial move that carried outsized psychological weight. Mt. Gox creditor distributions added fresh supply to a market already short of bids.
“The $65,000 level is now the line that matters,” said Iliya Kalchev, Analyst at Nexo. Kalchev argues stabilization needs either a shift in the Iran headline flow or a softer jobs print on Friday that reopens the rate debate. As I wrote in my May 18 analysis, the moving averages were already capping every rally attempt well before this week’s flush.
The selloff rests on four reinforcing pressures:
Twelve-day ETF exodus: $519.2M out on June 2, more than $3.2B in total redemptions Forced selling: over $1.2 billion liquidated on June 2, mostly leveraged longs Supply overhang: Strategy’s 32-BTC sale plus Mt. Gox creditor distributions No rate relief: a higher-for-longer Fed that has priced out 2026 cutsThe decoupling has flipped
Here is what separates this selloff from the others. In January, I covered Bitcoin decoupling upward from a sliding Nasdaq, the “digital gold” trade that briefly pushed BTC toward $96,500 while equities sold off. That thesis has now inverted. Global stocks are setting record highs, the Philadelphia Semiconductor Index hit an all-time high this week, and crypto is not invited to the party.
Capital is rotating into AI equities, not Bitcoin. The asset that was supposed to be either a high-beta Nasdaq proxy or a non-correlated safe haven is currently neither. It is underperforming both, which is why the “BTC is just leveraged tech” camp and the “digital gold” camp are equally quiet right now.
Crypto technical analysis: BTC, ETH, XRP and Dogecoin
Every major chart I track shows the same picture: in more than 15 years reading these charts at FinanceMagnates.com, I have rarely seen all four majors print the identical sub-50/200-EMA structure at once. You can review my full coverage history on my analyst page.
Price sits below both the 50-day and 200-day EMA on Bitcoin, Ethereum, XRP and Dogecoin, with the faster average stacked beneath the slower one, textbook bearish alignment that keeps every bounce a selling opportunity until the structure flips.
Bitcoin is pinned against the $66,000 to $67,000 support shelf with the 50 EMA at $75,327 and the 200 EMA at $80,699 both capping rallies overhead. My chart shows the $72,609 red line as the first real resistance, and until BTC reclaims it on a daily close, every rally is a sell.
A close below $66,000 opens the $60,000 zone, and below that my extension targets the $49,066 level, the 100% Fibonacci projection I flagged in my March crash analysis. Bias: bearish while under $72,609.
Ethereum is the weakest of the four, having already lost the $2,103 support that should have held; it now trades at $1,872 with nothing structural in the way until $1,761.
My chart shows two downside targets clearly marked: Target 1 at $1,407 and Target 2 at $1,074. Only a reclaim of $2,103 and then the 50 EMA at $2,150 changes the read. Bias: bearish, lowest target $1,074.
XRP is testing the $1.23 area after defending $1.1271 on the last flush. As I flagged in my earlier XRP analysis, the chart still carries a -60% extension to $0.5287, the 100% Fibonacci level and the November 2024 price, and a loss of $1.1271 activates it.
The 50 EMA at $1.37 and the 200 EMA at $1.64 are the levels bulls need to reclaim before the structure improves. Bias: bearish under $1.5141.
Dogecoin sits at $0.094, leaning on $0.0872 support with the 50 EMA at $0.1022 and the 200 EMA at $0.1202 stacked overhead. My chart shows $0.1164 as the first ceiling and $0.0732 then $0.0557 as the downside ladder if support breaks.
DOGE has no independent catalyst this week and continues to trade as a leveraged proxy for Bitcoin. Bias: bearish while below $0.1164.
Crypto Price Predictions
External forecasts are split between a fast rebound and more pain, so I have paired each with my own read. Finbold’s AI models, averaging Gemini 3 Flash, ChatGPT 5.2 and Grok 4.1, project XRP near $1.18 by June 30, a further slide from current levels. My view: that aligns with my own $1.1271 support test, and a break there validates the AI models over the bulls.
ChatGPT separately pegged a Bitcoin rebound to $95,000 by month-end off the current floor. My view: that needs a clean reclaim of $72,609 first, and nothing on my chart supports it yet. The wider institutional picture remains stretched, with the FinanceMagnates.com report on 2026 targets detailing Standard Chartered’s $150K call that now sits far above spot.
FAQ, Crypto Analysis
Why is crypto going down today?
Crypto is falling on a stack of reinforcing pressures: twelve straight days of spot Bitcoin ETF outflows totaling more than $3.2 billion, over $1.2 billion in leveraged liquidations on June 2, Strategy’s first Bitcoin sale since 2022, and a Federal Reserve that has priced out 2026 rate cuts. Bitcoin trades near $66,970, down 9.5% on the week.
Why are crypto prices sinking when stocks are at record highs?
Capital is rotating into AI equities rather than crypto. The Philadelphia Semiconductor Index hit a record this week while Bitcoin sits about 45% below its October 2025 high. The “digital gold” decoupling that lifted BTC in January has reversed: crypto is now decoupling downward, behaving as neither a Nasdaq proxy nor a safe haven.
How low can Bitcoin go?
My chart shows first support at the $60,000 zone after $66,000. A daily close below that activates my $49,066 target, the 100% Fibonacci projection and a level last seen in 2024. Bitcoin stays bearish while trading under the $72,609 resistance and below both its 50 and 200-day EMAs near $75,300 and $80,700.
What is the XRP price prediction?
My chart carries a -60% extension target at $0.5287 if the $1.1271 support fails, matching the November 2024 low. Finbold’s AI models project $1.18 by June 30. XRP must reclaim the 50 EMA at $1.37 and the 200 EMA at $1.64 to break its bearish structure. Until then, I treat every rally as a selling opportunity.
Is the crypto crash over?
Not on the charts. All four majors trade below their 50 and 200-day EMAs in bearish alignment. A relief bounce is possible, and Nexo’s Iliya Kalchev points to the $65,000 Bitcoin level as decisive. But until the EMAs flip and ETF outflows reverse, any rebound is a counter-trend move inside a downtrend, not a confirmed bottom.
This article was written by Damian Chmiel at www.financemagnates.com.TrendingRead More
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