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Bitcoin Falls Below $69,000 as U.S. Stock Market Rallies
Bitcoin's price fell to its lowest level in two months as selling pressure accelerated and technical analysis highlighted a significant trend line — the 200-week Exponential Moving Average (EMA). According to TradingView data, Bitcoin dropped to $68,771 on the Bitstamp exchange.
1-week $BTC/USD chart and 200 EMA. Source: Bitstamp
Technical Analysis Warns of Further Downside
Long-position holders paid a heavy price for the decline, with total liquidations across Bitcoin and altcoins reaching $800 million over the past 24 hours, according to CoinGlass.
Trader Ardi commented on the situation on X, noting the growing pressure on the market:
"We are seeing Bitcoin lose several key support levels within 24 hours and now break below an already steep descending channel."
The analyst identified the loss of the $72,500 level as particularly critical.
"When support starts breaking across multiple timeframes, the market usually moves toward the next liquidity cluster. In my view, that level is around $68.7K," he added.
4-hour $BTC/USD chart. Analysis: Ardi
Material Indicators believes June will remain bearish unless Bitcoin manages to reclaim $82,000. The key test lies within the $68,000–$69,000 range. If this support zone fails, Bitcoin could decline further toward a cluster of major levels between $60,000 and $65,000.
Stock Markets Rise While Crypto Falls
Bitcoin has faced several headwinds, including uncertainty surrounding negotiations between the United States and Iran, as well as the first Bitcoin sale by Strategy since 2022.
Meanwhile, the S&P 500 Index reached a new all-time high of 7,600 points and appears poised to record 10 consecutive weeks of gains for the first time since 1985.
1-week S&P 500 chart
AI Opinion
Historical analysis reveals an interesting paradox: the current situation — Bitcoin trading near its 200-week EMA while the S&P 500 sits at record highs — has occurred before. The question raised just a week ago remains relevant: is Bitcoin today a safe-haven asset, a risk asset, or something else entirely, whose market correlation changes depending on who holds it?
The rise of the S&P 500 to 7,600 points while Bitcoin declines is more than a technical divergence; it may signal a structural shift in how institutional investors perceive cryptocurrencies. When traditional markets celebrate new highs while crypto markets weaken, capital is clearly being reallocated rather than simply rotated.
Machine-based data analysis points to another often-overlooked factor: the 200-week EMA has historically served not only as a technical level but also as a psychological dividing line for institutional investors. Notably, March 2026 displayed an almost identical setup, with Bitcoin trading at similar levels and responding to similar macroeconomic catalysts.
In other words, the market is not writing a new chapter—it is rereading a familiar one. The only question is whether it remembers how that chapter ended.
See also: "Bitcoin Falls Below $70,000 for the First Time in Two Months"
