Bitcoin is in freefall, dropping 5.65% today to $67,287, its lowest point since April. The $68,000-$70,000 support zone has decisively broken, and the broader crypto market is bleeding alongside it.
US spot Bitcoin ETFs saw their worst month of 2026, with $2.43 billion in outflows during May. That reverses April's $1.97 billion inflow in a single stroke, confirming institutional sentiment has turned sharply bearish.
The technical picture is worrying. The Relative Strength Index (RSI) sits at 22.7, deep in oversold territory. While that could signal a reversal, the Average Directional Index (ADX) at 30.6 confirms the bearish trend has strong momentum. The 50-day EMA remains below the 200-day EMA, a 'death cross' that began last year-structural damage that doesn't heal quickly.
On prediction market Myriad, traders now give a 52.6% chance Bitcoin dumps to $55,000 before bouncing to $84,000. That's a complete reversal from mid-May, when the bull case held an 80% probability.
Key levels: Immediate support at $64,000, strong support at $60,000, with $55,000 as the bearish target. On the upside, resistance sits at $71,305 and $76,000.
The macro backdrop offers no relief: persistent inflation, a hawkish Fed, and geopolitical tensions continue to pressure risk assets.