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Ahmed Barakat
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In the latest Bitcoin news, BTC price crashed to a four-month low of $65,707 on June 3, shedding 7% in 24 hours and more than 12% across seven days, as $1.85 billion in crypto liquidations tore through derivatives markets.
The dominant narrative that followed pointed fingers at Michael Saylor and Strategy’s first Bitcoin sale in three years.
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Why the Saylor Attribution News Is Wrong: 32 Bitcoin Does Not Move a $57B Market
Strategy disclosed in an SEC filing that it sold 32 Bitcoin to fund preferred stock dividend payments, the company’s first net reduction in its Bitcoin position in more than three years.
The number is not a typo. Thirty-two Bitcoin, against a liquidation event that wiped $894.5 million in BTC positions alone. The attribution collapsed under basic arithmetic the moment it spread.
The narrative traveled faster than the data for a simple reason: the timing was close, the symbolism was sharp, and traders primed for a downside catalyst accepted the first available explanation.
Market anxiety around Saylor’s positioning had been building for weeks, making the attribution feel plausible even without supporting scale.
That is how misattribution spreads in liquid markets, not through fabrication, but through pattern-matching under stress.
The Mt. Gox estate’s movement of approximately $739 million worth of Bitcoin added to the fog. On-chain monitoring flagged the transfer, and sentiment deteriorated immediately. But as this publication has noted in prior coverage of Bitcoin liquidation events tied to large on-chain movements, a wallet transfer is not a sale.
Exchange inflow metrics did not show a corresponding spike that would confirm coins reached order books before the cascade began.
The verdict is unambiguous: a 32 BTC sale and an unconfirmed wallet transfer did not generate $1.85 billion in liquidations. Excess leverage in a deteriorating technical structure did. Michael Saylor was the story crypto Twitter needed; the derivatives market was the story the data showed.
Can Bitcoin Price Recover, or Does $65,000 Mark a Deeper Structural Break
BTC is sitting at $67,057 on the daily chart, and the recent price action has been brutal, with price collapsing from the $82,000 high in early May all the way down to current levels in just a few weeks, erasing the entire recovery that built through March and April.
The most alarming thing about this move is that it has broken back below the $68,000 to $70,000 range that served as the base for the March and April recovery, meaning the higher-low structure that had been holding since February has now been violated.
The $64,000 to $65,000 zone is the last serious support on this chart, having held twice during the February to March period as a demand floor, and that is the level price is now heading toward with very little in between.
A hold at $64,000 would be critical, giving bulls one more chance to rebuild from the same zone that launched the previous recovery attempt, but a break below it opens the path toward $60,000 and potentially lower with no meaningful support in sight.
On the upside, $72,000 is now the first resistance that needs to be reclaimed for any recovery narrative to restart, and above that, $76,000 to $78,000 is where heavier supply sits from the May distribution.
The overall picture is deteriorating fast. What looked like a recovering market a month ago has now given back almost everything, and the burden of proof is firmly on the bulls to defend $64,000 or this chart gets significantly worse before it gets better.
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