PANews reported on June 3rd that, according to CNBC, Bitcoin fell to its lowest level since February on Wednesday, hitting a low of $65,385, a drop of 2.3%. Funds are flowing from the crypto market to other asset classes. QCP stated that the fundamental issue is liquidity rotation. With the stock market continuing to outperform, the attention of both crypto-native investors and traditional asset managers is being drawn to stronger stock narratives, and investors may be shifting funds from Bitcoin to the private market or IPO projects such as SpaceX, OpenAI, and Anthropic.

BTIG technical strategist Jonathan Krinsky believes Bitcoin needs to hold around $65,000, which is the last support level before testing the year-to-date low of $60,000. QCP expects initial support in the $63,000 to $64,000 range; a break below this level would target $62,000, followed by the psychological level of $60,000, and then the next major support level at $58,000.