Bitcoin is falling today to around $68,000, its lowest level since late March, while technical indicators continue to point to overwhelming selling pressure. The world's largest cryptocurrency is entering the historically weak summer season with a sharp decline that is also weighing on Ethereum and smaller digital assets. Yesterday, the market was additionally pressured by news that Strategy (MSTR.US) sold Bitcoin for the first time since 2022.
Bitcoin (D1 and W1 Interval)
Bitcoin's price action continues to signal weakness. On the daily chart, the cryptocurrency has broken below a triangle pattern, a development that may increase downside risks toward the local low near $60,000. A break below that support zone would strengthen the bearish case and could open the door to a deeper decline toward the $40,000 area, where several important on-chain metrics are located, including the Realized Price and the so-called Delta Price.
Source: xStation5
Source: xStation5
If the current correction were to replicate the previous cycle on a near one-to-one basis, the potential bottom could emerge around $45,000–47,000 per Bitcoin, potentially before the end of June. On the other hand, the Relative Strength Index (RSI) is already approaching oversold territory, currently near 37.
Historically, major cycle bottoms on the weekly timeframe have occurred at significantly lower RSI levels. During the 2022 bear market, RSI fell close to 20 before Bitcoin established a durable low. However, during the March 2020 market crash, the indicator bottomed near 34, suggesting that current readings are beginning to approach levels associated with previous periods of extreme market stress.
Source: xStation5
Daily Summary: The Two Faces of AI – Market Fuel and Costly Burden
BREAKING: JOLTS data beats expectations!
US Open: Wall Street loses momentum as AI costs and Middle East tensions cool sentiment
Oil on hold as the market bets on diplomacy
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
