Bitcoin Price Forecast: Strategy’s BTC Sale, Oil Rally Rattles Crypto Bulls
Published: June 03, 2026, 09:28 GMT+00:00
Key Points
- Bitcoin fell more than 11.25% this week, dropping below $65,360, marking its lowest level since March.
- Data from Santiment indicates that wallets holding between 10 and 10,000 BTC sold a total of 24,602 BTC in the past week.
- Market sentiment was negatively impacted by the sale of 32 BTC by Strategy and rising oil prices.
Market Overview
Bitcoin (BTC) experienced a significant decline of over 11.25% this week, falling to below $65,360. This drop is attributed to a combination of whale selling, anxiety surrounding Strategy's actions, and increasing oil prices. The current market dynamics suggest a bearish outlook, with the potential for further declines.
Technical Analysis
Bitcoin is breaking below its prevailing bear flag on the weekly chart, which raises the risk of a deeper decline towards a target near $50,000. The immediate support level to monitor is the 200-week simple moving average (SMA), currently around $61,800. Historically, this moving average has acted as a long-term support level, and a close below it could signal further bearish momentum.
Whale Selling Pressure
On-chain data from Santiment reveals that larger holders, referred to as whales and sharks, have been selling off their Bitcoin holdings, with a total of 24,602 BTC sold in the past week. In contrast, smaller traders holding less than 0.01 BTC have only added 61 BTC, indicating a divergence in market behavior that is not bullish at this time.
Impact of Strategy's Sale
The recent sale of 32 BTC by Strategy for approximately $2.5 million has further rattled market confidence. This move is particularly concerning as Michael Saylor, associated with a "never sell Bitcoin" philosophy, has now indicated a willingness to liquidate a portion of their holdings. This sale may be more about signaling to credit markets and rating agencies that Strategy's balance sheet is flexible rather than a loss of conviction in Bitcoin.
Macro Economic Factors
Adding to the bearish sentiment is the rise in oil prices, which have increased due to escalating tensions in the Middle East. Brent crude oil prices rose about 3% to around $97.87, contributing to inflationary pressures that typically negatively affect long-duration risk assets like Bitcoin.
Conclusion
The bearish technical target of $50,000 for Bitcoin becomes more likely if the 200-week SMA fails to hold. Until there is a reversal in whale selling and a reclaiming of the bear flag structure, any rebounds in Bitcoin's price may only be temporary relief rallies rather than signs of a trend reversal.
About the Author
Yashu Gola is a crypto journalist and analyst with expertise in digital assets, blockchain, and macroeconomics. He provides in-depth market analysis, technical chart patterns, and insights on global economic impacts, bridging traditional finance and crypto.