Bitcoin is currently pinned below $75,000 after falling more than 5% over the past week, with institutional selling, heavy liquidations, and macroeconomic uncertainty keeping the cryptocurrency under pressure.

According to CoinGecko data, Bitcoin was trading near $73,300 at last check after briefly dropping to a monthly low of $72,785 on Thursday.

The cryptocurrency now sits about 42% below its all-time high, while price action has narrowed into a consolidation range around $73,000 to $75,000.

Recent weakness has coincided with a sharp reversal in demand from spot Bitcoin exchange-traded funds.

According to ETF flow data, more than $733 million left spot Bitcoin ETFs in a single trading session, with BlackRock's iShares Bitcoin Trust accounting for over $500 million of those outflows.

Because spot ETFs have become a major source of liquidity for Bitcoin, the withdrawal of institutional capital removed a key source of buying support that had helped sustain prices in previous months.

Selling pressure quickly spread into derivatives markets. Data from CoinGlass showed that more than $744 million in crypto positions were liquidated within hours during the latest decline, with approximately $715 million from long positions.

The forced closure of leveraged trades added further downward pressure as traders who had positioned for a recovery were pushed out of the market.

On-chain data has also indicated continued selling by older holders.

As previously reported by Invezz, roughly 4.45 million BTC have changed hands over recent months, creating a large concentration of supply near current price levels.

Typically, investors who accumulated Bitcoin at higher prices have continued using rallies as opportunities to reduce exposure, creating resistance whenever the asset attempts to move higher.

Outside the crypto market, geopolitical developments have also added to the uncertainty.

Reports of renewed US military action near the Strait of Hormuz have revived concerns about disruptions to global energy supplies.

Financial markets have responded by moving toward defensive assets, while rising oil prices have renewed concerns that inflation could remain elevated.

Recent consumer and producer inflation readings have already complicated expectations for Federal Reserve policy.

Market participants now largely expect interest rates to remain higher for longer, reducing demand for risk assets such as cryptocurrencies like Bitcoin.

From a technical perspective, Bitcoin's position near $73,000 has become increasingly important.

Just days ago, Bitcoin managed to secure a weekly close above $73,000, a level that several analysts had identified as critical support.

In comments posted on X on May 31, market analyst Rekt Capital said a weekly close above that level would move Bitcoin closer to confirming a double-bottom breakout pattern that had been developing since late February.

Current price action suggests that support is now being tested again.

The daily chart shows Bitcoin trading below its 20-day, 50-day, 100-day, and 200-day exponential moving averages, which are clustered between roughly $75,800 and $81,000.

BTC/USD 1-day price chart. Source: TradingView.

As long as the price remains below those levels, the market faces a series of resistance zones that could limit upside attempts.

Momentum indicators have also weakened. The daily MACD has crossed lower and moved into negative territory, showing that the recovery seen during May has lost strength. 

However, the longer-term range identified by some analysts remains intact.

On May 31, crypto analyst Daan Crypto Trades said Bitcoin was trading around its bull market support band and noted that the weekly 200 moving average and exponential moving average continued to rise toward the price.

BTC/USD 1-week price chart. Source: Daan Crypto Trades on X.

Based on those high-timeframe levels, he said Bitcoin could continue trading between $60,000 and $80,000 for an extended period.

For now, Bitcoin appears trapped between key support near $73,000 and resistance around the mid-$70,000 range. 

A sustained move above the cluster of moving averages could improve sentiment and reopen the path toward the $80,000 region, while a decisive break below recent lows would place attention on support levels in the upper $60,000s.

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