Bitcoin Hits Six-Week Low Near $72K as Bears Tighten Grip

Bitcoin extended its slide to fresh six-week lows around $72,395 on May 29 after slipping below 13 of 15 major moving averages and failing to hold the $75,000–$76,000 support band. The drop follows a $766 million long-liquidation cascade on May 23 that erased May gains and repeated rejections at $78,000–$82,500. Weak spot demand, $1.74 billion in ETF outflows, and record-low apparent demand of –147,000 BTC have kept momentum fragile despite an approaching 50/200-day golden cross and long-term holder accumulation. Analysts now flag $72,000–$73,000 as the critical line that could end the correction or trigger a deeper move toward $68,000–$69,000.