Bitcoin (BTC) traded at$66,970 on Wednesday, June 3, 2026, holding just above its two-month low aftera 9.5% weekly slide that dragged the entire digital asset complex lower. Thetotal crypto market capitalization sits near $2.3 trillion, down roughly 8.7%on the week, with Ethereum at $1,872, XRP at $1.23 and Dogecoin at $0.094. Thisselloff is not the work of one headline: twelve straight days of spot BitcoinETF outflows, Michael Saylor's first BTC sale in nearly four years, and aFederal Reserve that has closed the door on rate cuts have stacked on top ofeach other. The twocatalysts that decide the next move are Friday's jobs print and the next dailyETF flow report.Followme on X for real-time crypto market analysis: @ChmielDkWhy crypto prices aresinking today?Themechanical driver is institutional money walking out the door. Spot BitcoinETFs recorded $519.2 million in net outflows on June 2, extending the run totwelve consecutive sessions and more than $3.2 billion in total redemptions. EthereumETFs added another $90 million in daily outflows. Wintermute research calledthe combined run the longest redemption streak since the funds launched."Bitcoinis going through one of its most delicate periods in recent weeks," saidAntonio Di Giacomo, Senior Market Analyst at XS.com. Di Giacomo ties theweakness to slow US-Iran negotiations that have pushed capital towardtraditional safe havens and away from crypto risk.Theleverage flush made it worse. More than $1.2 billion in crypto positions wereliquidated on June 2, with longs accounting for the bulk of the damage.Saylor's Strategy sold 32 BTC, its first sale since 2022, a financially trivialmove that carried outsized psychological weight. Mt. Gox creditor distributionsadded fresh supply to a market already short of bids."The$65,000 level is now the line that matters," said Iliya Kalchev, Analystat Nexo. Kalchev argues stabilization needs either a shift in the Iran headlineflow or a softer jobs print on Friday that reopens the rate debate. As I wrotein my May 18 analysis, the moving averages were alreadycapping every rally attempt well before this week's flush.Theselloff rests on four reinforcing pressures:Twelve-day ETF exodus: $519.2M out on June 2, more than $3.2B in total redemptionsForced selling: over $1.2 billion liquidated on June 2, mostly leveraged longsSupply overhang: Strategy's 32-BTC sale plus Mt. Gox creditor distributionsNo rate relief: a higher-for-longer Fed that has priced out 2026 cutsThe decoupling has flippedHere iswhat separates this selloff from the others. In January, I covered Bitcoin decoupling upward from a sliding Nasdaq, the"digital gold" trade that briefly pushed BTC toward $96,500 whileequities sold off. That thesis has now inverted. Global stocks are settingrecord highs, the Philadelphia Semiconductor Index hit an all-time high thisweek, and crypto is not invited to the party.Capital isrotating into AI equities, not Bitcoin. The asset that was supposed to beeither a high-beta Nasdaq proxy or a non-correlated safe haven is currentlyneither. It is underperforming both, which is why the "BTC is justleveraged tech" camp and the "digital gold" camp are equallyquiet right now.Crypto technical analysis:BTC, ETH, XRP and DogecoinEvery majorchart I track shows the same picture: in more than 15 years reading thesecharts at FinanceMagnates.com, I have rarely seen all four majors print theidentical sub-50/200-EMA structure at once. You can review my full coveragehistory on my analyst page. Price sitsbelow both the 50-day and 200-day EMA on Bitcoin, Ethereum, XRP and Dogecoin,with the faster average stacked beneath the slower one, textbook bearishalignment that keeps every bounce a selling opportunity until the structureflips.Bitcoin ispinned against the $66,000 to $67,000 support shelf with the 50 EMA at $75,327and the 200 EMA at $80,699 both capping rallies overhead. My chart shows the$72,609 red line as the first real resistance, and until BTC reclaims it on adaily close, every rally is a sell.A closebelow $66,000 opens the $60,000 zone, and below that my extension targets the$49,066 level, the 100% Fibonacci projection I flagged in my March crash analysis. Bias: bearish while under$72,609.Ethereum isthe weakest of the four, having already lost the $2,103 support that shouldhave held; it now trades at $1,872 with nothing structural in the way until$1,761. My chartshows two downside targets clearly marked: Target 1 at $1,407 and Target 2 at$1,074. Only a reclaim of $2,103 and then the 50 EMA at $2,150 changes theread. Bias: bearish, lowest target $1,074.XRP istesting the $1.23 area after defending $1.1271 on the last flush. As I flaggedin my earlier XRP analysis, the chart still carries a -60%extension to $0.5287, the 100% Fibonacci level and the November 2024 price, anda loss of $1.1271 activates it. The 50 EMAat $1.37 and the 200 EMA at $1.64 are the levels bulls need to reclaim beforethe structure improves. Bias: bearish under $1.5141.Dogecoinsits at $0.094, leaning on $0.0872 support with the 50 EMA at $0.1022 and the200 EMA at $0.1202 stacked overhead. My chart shows $0.1164 as the firstceiling and $0.0732 then $0.0557 as the downside ladder if support breaks. DOGE has noindependent catalyst this week and continues to trade as a leveraged proxy forBitcoin. Bias: bearish while below $0.1164.Crypto Price PredictionsExternalforecasts are split between a fast rebound and more pain, so I have paired eachwith my own read. Finbold's AI models, averaging Gemini 3 Flash, ChatGPT 5.2and Grok 4.1, project XRP near $1.18 by June 30, a further slide from currentlevels. My view: that aligns with my own $1.1271 support test, and a breakthere validates the AI models over the bulls.ChatGPTseparately pegged a Bitcoin rebound to $95,000 by month-end off the currentfloor. My view: that needs a clean reclaim of $72,609 first, and nothing on mychart supports it yet. The wider institutional picture remains stretched, withthe FinanceMagnates.com report on 2026targets detailingStandard Chartered's $150K call that now sits far above spot.FAQ, Crypto AnalysisWhy is crypto going downtoday? Crypto isfalling on a stack of reinforcing pressures: twelve straight days of spotBitcoin ETF outflows totaling more than $3.2 billion, over $1.2 billion inleveraged liquidations on June 2, Strategy's first Bitcoin sale since 2022, anda Federal Reserve that has priced out 2026 rate cuts. Bitcoin trades near$66,970, down 9.5% on the week.Why are crypto pricessinking when stocks are at record highs? Capital isrotating into AI equities rather than crypto. The Philadelphia SemiconductorIndex hit a record this week while Bitcoin sits about 45% below its October2025 high. The "digital gold" decoupling that lifted BTC in Januaryhas reversed: crypto is now decoupling downward, behaving as neither a Nasdaqproxy nor a safe haven.How low can Bitcoin go? My chartshows first support at the $60,000 zone after $66,000. A daily close below thatactivates my $49,066 target, the 100% Fibonacci projection and a level lastseen in 2024. Bitcoin stays bearish while trading under the $72,609 resistanceand below both its 50 and 200-day EMAs near $75,300 and $80,700.What is the XRP priceprediction? My chartcarries a -60% extension target at $0.5287 if the $1.1271 support fails,matching the November 2024 low. Finbold's AI models project $1.18 by June 30.XRP must reclaim the 50 EMA at $1.37 and the 200 EMA at $1.64 to break itsbearish structure. Until then, I treat every rally as a selling opportunity.Is the crypto crash over? Not on thecharts. All four majors trade below their 50 and 200-day EMAs in bearishalignment. A relief bounce is possible, and Nexo's Iliya Kalchev points to the$65,000 Bitcoin level as decisive. But until the EMAs flip and ETF outflowsreverse, any rebound is a counter-trend move inside a downtrend, not aconfirmed bottom.This article was written by Damian Chmiel at www.financemagnates.com.