Bitcoin drops below $70K, triggers $770M liquidations, dominance falls to 58.7%

Bitcoin fell below $70,000 and pulled total crypto market cap under $2.5T. BTC dominance sits at 58.7%.

Bitcoin broke key support after testing $82,000–$83,000 weeks ago. The move coincides with a roughly two-point drop in BTC dominance to 58.7% on TradingView. Perp funding and open interest compressed, pointing to a leveraged long flush rather than coordinated rotation per Coinspeaker.

Price path stayed weak. Loss of $80,000 led to $75,000 on May 23–24, a brief bounce to $78,000, then a slide through $73,000–$74,000 to $71,000. BTC market cap fell below $1.4T. Mt. Gox wallet movements added pressure, impact still uncertain source.

Dominance at 58.7% is well above sub-50% “altseason” levels chart. Some large caps showed relative strength, but the picture is mixed. Ethereum trades below $2,000. XRP, Cardano, TRON, and RAIN fell under 3%. BNB, Solana, and HYPE are down about 1% source.

ETF flows turned negative. US spot BTC ETFs show net outflows; historically, sustained >$150M out days have lined up with tops and higher volatility CoinGlass data.

Scenarios to watch:
- Bull: Reclaim and close above $70,000–$72,000 on strong volume. Retest $74,000–$75,000 if ETF flows or macro help source.
- Base: Range trade in $65,000–$70,000. BTC dominance stabilizes near 55%–57%. Liquidations digest without deep sell-offs; no confirmed alt rotation source.
- Bear: No quick reclaim of $70,000, continued ETF outflows and weak macro. Targets at $65,000 then $60,000–$55,000. Alt strength fades; BTC dominance can rise on thinner alt liquidity. A daily close below $68,000 kills bullish hopes source.

Technical backdrop remains fragile. Recent lows, prior weekly and monthly levels broke with a slow bleed, as traders note on-chain and chart signals example TA.