The Bitcoin price drop that unfolded on June 2 pushed BTC below $70,000 for the first time since April, andBitcoin price today sits around $65,917, down more than 6% in 24 hours. The selloff also triggered a wave of Bitcoin liquidation activity across exchanges, and the buy-the-dip debate has come roaring back among traders and analysts right now.
The Bitcoin price drop traces back to Strategy, the Bitcoin treasury firm chaired by Michael Saylor. Between May 26 and May 31, the company sold 32 BTC for around $2.5 million, its first Bitcoin sale since 2022. The amount was small relative to Strategy’s total holdings of 843,706 BTC, but the market read it as a break from Saylor’s long-standing “never sell” stance, and that was more than enough to knock confidence.
What followed was a Bitcoin liquidation cascade. Long positions got forced out automatically as prices fell, and the selling just kept accelerating from there. According to CoinGlass data, the June 2 liquidations were the largest so far in 2026, wiping out $1.35 billion in crypto long positions. Ether also declined by 4.7%, and crypto stocks took a hit at the time of writing: Strategy fell 9%, Galaxy lost 5.9%, and Coinbase was down 4.7%.
“I think this can end with a big red candle wiping out all the underwater longs from the system. Maybe we hit low 60Ks or even mid 50Ks.”
Bitcoin critic Peter Schiff also used the Bitcoin price drop to make his case:
“Bitcoin just traded below $71,000. If Bitcoin is this weak now, even with the Nasdaq hitting record highs, just imagine how much weaker it will be when the Nasdaq finally has a correction, let alone enters a bear market.”
Several factors pile on top of the Strategy news. The Crypto Fear and Greed Index sits in “Fear” territory right now, with readings near 29. Bitcoin ETFs recorded their 11th consecutive day of net outflows on Monday, the longest streak on record according to SoSoValue. Geopolitical tensions from the US-Iran conflict, a stronger dollar, and a general risk-off mood have also added pressure. Bitcoin price today reflects all of that, with BTC now more than 44% below its all-time high above $126,000 set in late 2025.
K33 Research projects lower volume and downward price drift through August, so anyone looking to buy the dip on the current Bitcoin price drop should go in with some patience.
Not everyone sees the Bitcoin price drop as a reason to walk away. Real Vision founder Raoul Pal pointed to the longer picture:
“When more people are scared off by short-term fluctuations, the real opportunity lies in long-term liquidity and network effects.”
Source: Watcher Guru
