Bitcoin reached an intraday high of approximately $71,360 on June 2, 2026 before reversing sharply into the middle of the month. The move set a new all‑time high on the tape but did not hold.
By June 5, BTC had broken the $62,000 support level. Roughly $1.5 billion in leveraged long positions were liquidated in a single 24‑hour window, per exchange data cited by Coindesk and Bloomberg. Spot Bitcoin ETFs recorded net outflows of about $2.7 billion for the week ending around June 5.
What broke the rally
Three concurrent factors were named across mainstream coverage: Strategy’s first disclosed BTC sale since 2022 (see separate report), the failure of BTC to hold above the psychological $70,000 pivot on volume, and macro positioning ahead of the FOMC cycle. The ETF outflow print — the worst weekly figure of the year to that date — accelerated the move.
The wider drawdown
The June 2 high proved to be a local top for the quarter. Yahoo Finance reporting on the June 25 session pegged Bitcoin near a 21‑month low around $58,000, closing H1 2026 down roughly 20%. The ATH print and the drawdown that followed are best read as a single event: distribution into strength by ETF holders and levered longs, not the start of a new cycle leg.
