⚠️ Bitcoin: Anatomy of a Flow-Driven Crash Bitcoin has fallen from $82,850 (May 6 high) to an intraday low of $61,126 today: a 25% decline in just one month, with most of the damage occurring over the last five days. But this time, the chart is only half the story. The real driver is flows. The selloff has been relentless: • June 1: -3.1% • June 2: -6.5% • June 3: -3.9% • June 4: brief pause • June 5: another -3% and a break below the previous low $BTC is trading below the $64K–$67.5K supply zone. Every bounce is being sold, and price remains trapped beneath both the 50 EMA and 200 EMA on the 4-hour chart. The RSI is deeply oversold, but in a trend like this, oversold is a condition, not a buy signal. The key story isn't technical. It's real supply and demand. • Exchange inflows surged to roughly 58,600 BTC, the highest level since April 14. Coins moving onto exchanges typically signal selling intent. • 24-hour trading volume reached approximately $51.6 billion. High volume, but declining over time, points to distribution rather than accumulation. • U.S. spot Bitcoin ETFs are experiencing a significant outflow wave: roughly $3.4 billion withdrawn in a single week (around 59,000 BTC), with 10–11 consecutive days of redemptions. Total ETF AUM has dropped from approximately $104 billion to $94 billion. • Nearly $1.8 billion in liquidations occurred in a single day, including $1.35 billion in long positions—the largest liquidation event since February 2026. • In the background: rising Treasury yields, shifting Fed expectations, and profit-taking following Bitcoin's 34% rally into late May. One notable sentiment signal: Strategy sold 32 BTC, marking its first sale in nearly four years. 🎯 Key Levels to Watch 🟥 Resistance: • $66.8K • $70K • $73.8K 🟥 Supply Zone: • $64K–$67.5K First major area bulls need to reclaim. 🟩 Key Support: • $61.1K–$61.4K Today's low and the most important level on the chart. 🟩 Psychological Support: • $60K Below that level, the chart opens into a significant technical vacuum. Bearish trend, but sitting directly on major support with deeply oversold conditions. No-trade zone in the middle. 🔼 Reclaim $64K: Potential relief rally and consolidation toward $65K–$68K. 🔽 Lose $61K–$60K: Higher probability of trend continuation lower. The real reversal signal will not come from RSI. It will come from ETF outflows slowing down and exchange inflows cooling off. Until those flows improve, every rally should be treated with caution.