{"id":9479,"date":"2026-05-29T08:23:03","date_gmt":"2026-05-29T08:23:03","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=9479"},"modified":"2026-05-29T08:23:03","modified_gmt":"2026-05-29T08:23:03","slug":"bitcoin-bears-circle-70k-as-traders-bet-on-deeper-may-slide","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=9479","title":{"rendered":"Bitcoin Bears Circle $70K as Traders Bet on Deeper May Slide"},"content":{"rendered":"

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  • Bitcoin dropped about 3% in 24 hours to US$72,739 (AU$101,107) on May 28, hitting a six-week low of US$72,669 (AU$101,010) and sitting roughly 42% below its US$126,080 (AU$175,251) all-time high.<\/span><\/li>\n
  • Prediction market Myriad showed 27% odds that Bitcoin closes May below US$70,000, up about 240% in 24 hours; Polymarket\u2019s equivalent market priced the same outcome at 26%.<\/span><\/li>\n
  • A 24-hour liquidation cascade wiped out nearly US$924 million (AU$1.28 billion) in leveraged positions, including roughly US$851 million (AU$1.18 billion) in longs.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n

    Prediction market traders sharply repriced the odds of Bitcoin (BTC) closing May below US$70,000 (AU$97K) on May 28.<\/p>\n

    Bitcoin traded around US$72,739 (AU$101K) on May 28, down about 3% over the previous 24 hours and only 3.9% above the psychologically significant US$70K level. The asset now trades approximately 42% below its US$126K (AU$175K) all-time high.<\/p>\n

    Starting with Myriad\u2019s market, markets on whether Bitcoin will close May below the US$70,000 strike climbed to 27% odds, up roughly 240% in 24 hours, while Polymarket\u2019s equivalent contract priced the same outcome at 26%.\u00a0<\/p>\n

    On longer-dated Polymarket contracts we can see traders assigned 54% odds that Bitcoin trades below US$55,000 (AU$76K) at some point before 2027, and 42% odds the asset prints below US$50,000 (AU$69K) during 2026.\u00a0<\/p>\n

    Moreover, a Robinhood contract on Bitcoin closing at US$73,300 (AU$101K) or above on May 28 priced near 99\u00a2, with US$74,000 (AU$102K) or above at only 2\u00a2 approaching expiry.<\/p>\n

    Read more: Lawsuit Targets Dormant Bitcoin Wallets in Bid to Claim \u2018Abandoned\u2019 Crypto Fortune<\/strong><\/p>\n

    ETF Outflows And Long Liquidations<\/h2>\n

    The price slide unfolded alongside an unusually heavy bout of leveraged liquidations and ETF redemptions. Roughly US$924 million (AU$1.28 billion) in crypto futures positions were wiped out over 24 hours, with about US$851 million (AU$1.18 billion) of that coming from long positions.<\/p>\n

    Spot Bitcoin ETFs have shed more than US$1 billion (AU$1.39 billion) over the prior two trading days, with US$733 million (AU$1.02 billion) of net outflows on the previous Wednesday alone and a cumulative US$2.6 billion (AU$3.61 billion) pulled across an eight-day losing streak.\u00a0<\/p>\n

    An Arctic Digital analyst noted the decline is \u201cpartly due to ETF outflows, with serious amounts getting out,\u201d characterising the redemptions as a meaningful driver of spot weakness rather than a side effect.<\/p>\n

    Read more: ASIC Sounds Alarm as Crypto Scammers Trap Investors Through Fake Trading Groups<\/strong><\/p>\n<\/p><\/div>\n

    Bear Market,Bitcoin,Trading#Bitcoin #Bears #Circle #70K #Traders #Bet #Deeper #Slide1780042983<\/p>\n","protected":false},"excerpt":{"rendered":"

    Bitcoin dropped about 3% in 24 hours to US$72,739 (AU$101,107) on May 28, hitting a six-week low of US$72,669 (AU$101,010) and sitting roughly 42% below its US$126,080 (AU$175,251) all-time high. Prediction market Myriad showed 27% odds that Bitcoin closes May below US$70,000, up about 240% in 24 hours; Polymarket\u2019s equivalent market priced the same outcome<\/p>\n","protected":false},"author":1,"featured_media":9480,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[2971,936,112,91,1677,2389,1802,171],"class_list":["post-9479","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","tag-70k","tag-bears","tag-bet","tag-bitcoin","tag-circle","tag-deeper","tag-slide","tag-traders"],"yoast_head":"\nBitcoin Bears Circle $70K as Traders Bet on Deeper May Slide - Crypto News: Latest Cryptocurrency News and Analysis<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.uk.com\/?p=9479\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Bears Circle $70K as Traders Bet on Deeper May Slide\" \/>\n<meta property=\"og:description\" content=\"Bitcoin dropped about 3% in 24 hours to US$72,739 (AU$101,107) on May 28, hitting a six-week low of US$72,669 (AU$101,010) and sitting roughly 42% below its US$126,080 (AU$175,251) all-time high. 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