Bitcoin has recently fallen below the critical $70,000 mark, marking a nearly 50% decline from its all-time high of $126,000 reached in October 2022. This downturn has been exacerbated by a sell-off from major institutional players, including BlackRock and Michael Saylor's company, which sold 32 bitcoins for $2.5 million. Analysts from CryptoQuant emphasize that there is substantial selling pressure from investors who purchased bitcoin between six and twelve months ago, creating a barrier to recovery. Michael Saylor's strategy of selling bitcoin to meet dividend obligations has raised concerns about the market's perception of bitcoin as a stable asset. Furthermore, with $2.8 billion in cumulative outflows from bitcoin ETFs, the market is experiencing significant downward pressure. Macro analyst Nic Puckrin notes that bitcoin's performance is diverging from the U.S. stock market's gains, indicating that sentiment within the crypto market is particularly weak. The ongoing geopolitical tensions, including the U.S. war in Iran, and upcoming events like SpaceX's IPO are also drawing speculative capital away from bitcoin, complicating its recovery prospects.