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Published: 4 June 2026,05:57
Daily Market Analysis New
*Bitcoin plunged more than 7%, falling below $63,000 and testing the $60,000 level, while Ethereum dropped toward $1,700–$1,750, dragging total crypto market capitalization down by over 6%.
*Continued U.S. spot Bitcoin ETF outflows, combined with over $1.2 billion in leveraged liquidations, intensified selling pressure across the crypto market.
*The Crypto Fear & Greed Index has fallen to 11, indicating widespread capitulation. Any improvement in ETF flows, geopolitical sentiment, or softer U.S. economic data could trigger a relief rally toward $66,000–$68,000.
The cryptocurrency market has witnessed a sharp sell-down over the past 48 hours, led by Bitcoin which has plunged toward February 2026 lows. BTC dropped more than 7% in the latest session, breaking below $63,000 and testing the $60,000 zone after opening the week near $71,500. Ethereum fell in tandem, declining around 6–8% and trading near $1,750–$1,700, while the total crypto market capitalization contracted by over 6%.
This decline was driven by multiple measurable factors. U.S. spot Bitcoin ETFs recorded continued net outflows, with approximately $1.8 billion withdrawn in the past week alone, extending the recent streak of institutional selling. The Crypto Fear & Greed Index has plunged into the Extreme Fear zone, currently sitting at 11, reflecting widespread capitulation among retail and institutional participants. Derivatives markets also saw heavy pressure, with over $1.2 billion in liquidations across major exchanges in the last 24 hours, the majority being long positions in BTC and ETH. These forced unwinds amplified the downside momentum as prices breached key technical supports.
Near-term prospects for the cryptocurrency market remain cautious with potential for short-term volatility. Bitcoin’s immediate support rests at the February lows around $60,000–$62,000. A decisive break below this level could open further downside toward $58,000 if ETF outflows accelerate or broader risk aversion persists due to geopolitical tensions. On the positive side, Extreme Fear readings have historically marked capitulation points that precede relief rallies. Any improvement in ETF flows, signs of Middle East de-escalation including Israel-Lebanon ceasefire progress, or softer-than-expected U.S. NFP data tomorrow could support a rebound toward the $66,000–$68,000 resistance zone.
While the current environment favors prudence, these levels may represent accumulation opportunities for longer-term investors after the strong 2025 performance. Volatility is likely to stay elevated in the coming days.
Technical Analysis
Bitcoin has experienced a substantial sell-off over the past two sessions, declining by more than 16% and falling to its lowest level since February. The sharp decline reflects a significant deterioration in market sentiment and reinforces the prevailing bearish trend in the cryptocurrency market.
Following such an aggressive move lower, BTC may be poised for a technical rebound as it approaches a major support zone around its three-month low. Oversold conditions and profit-taking by short sellers could provide the catalyst for a short-term recovery, particularly if buyers emerge near current levels.
However, despite the potential for a corrective bounce, the broader technical outlook remains bearish. The key level to monitor is the psychological resistance at $70,000. As long as Bitcoin remains below this threshold, the recent rebound would likely be viewed as a temporary correction rather than a meaningful trend reversal.
Failure to reclaim and sustain above $70,000 would suggest that bearish momentum remains firmly in control, leaving BTC vulnerable to further downside pressure. Under this scenario, attention would shift to the next major support zone near $58,000, which could become the next downside target should selling pressure continue to intensify.
Resistance Levels: 65,766.50, 69,236.00
Support Levels: 60,274.10, 57,975.00
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