From 05:45 to 06:00 (UTC) on June 3, 2026, BTC saw a modest rebound of +0.45%, with a price range of 67,023.8–67,390.1 USDT and a 0.55% amplitude. This move occurred during the technical correction phase after a streak of sharp declines in Bitcoin. Previously, the price fell from the June 1 peak of $77,799 to $65,978, with an intraday drop of over 14%, and market volatility noticeably increased.
The main driver behind this move was oversold rebound demand following the consecutive selloff. After Bitcoin broke below the $70,000 psychological level on June 2, it had already retraced more than 14% from the high, leaving room for a technical rebound. At the same time, short-term bears took profits after the rapid drop, triggering some short-covering buy demand, and historical technical support in the $66,000–$67,000 range also attracted dip-buying capital.
In addition, multiple secondary factors formed a resonance effect. First, Strategy (formerly MicroStrategy) sold 32 BTC on June 2, breaking market expectations around the company’s “never sells” narrative. As the largest corporate holding institution, this action shook confidence that institutions would continue buying. Second, Bitcoin ETFs recorded net outflows for the 11th consecutive day, totaling $2.8 billion, setting the longest streak of consecutive outflows on record, keeping funding pressure elevated. Third, crypto exchanges liquidated roughly $594 million worth of long positions within the past 24 hours; the negative feedback loop from forced liquidations further exacerbated volatility. Finally, with the US dollar strengthening, capital rotated into US stocks, contrasting sharply with Bitcoin’s decline.
Current market sentiment is in extreme panic. Bitcoin’s Fear Index (BVIV) surged nearly 20%, marking the largest single-day gain since February 5, 2026. Extreme readings may suggest that a short-term bottom is approaching. However, the medium-term trend still depends on key factors such as whether ETF fund flows can reverse and whether institutional positioning behavior remains stable. Investors should watch the strength of support around $66,000, changes in ETF net flows, and the macro USD trend, and remain alert to short-term volatility risks.
