1 week ago
Bitcoin’s 200-week moving average, sitting astatine astir $61,700, is the enactment the marketplace is watching astir intimately close now.
That level has marked the bottommost of each large Bitcoin carnivore rhythm going backmost to 2015, and it held again this week — astatine slightest for now.
A Classic Bottom Signal — Or Just A Pause?
The selloff dragged Bitcoin down to astir $61,300 earlier buyers pushed the terms backmost up past $64,750, a betterment of much than 5%.
Reports accidental the rebound came alongside quality that Israel and Lebanon had agreed to a ceasefire, though the terms enactment itself was already being shaped by a monolithic liquidation event.
Over $740 cardinal successful BTC positions were wiped retired successful a 24-hour window, according to data from CoinGlass. Long traders took the bulk of the hit, with much than $623 cardinal successful bullish bets liquidated arsenic the terms fell.
Bear Flag Still Looms
Bitcoin’s play illustration shows a carnivore emblem breakdown inactive successful progress. The signifier points to a imaginable driblet into the $50,000–$52,000 range, and the setup has gained value from rising trading volumes connected the downside move.
BTC has truthful acold failed to reclaim the precocious inclination enactment of the flag. That nonaccomplishment keeps the bearish script technically intact, adjacent aft Thursday’s bounce.
Source: CoinglassSome traders are speechmaking the determination differently. Analyst ZordXBT pointed to the agelong little wick connected Bitcoin’s candle arsenic a motion that buyers came successful hard adjacent the lows. Trader RidaaXBT called for a short-term relief bounce toward the $69,000–$70,000 range, arguing that the liquidation question whitethorn person cleared retired capable near-term selling unit to let a recovery.
Just similar that, BTC dumped to the 61k level, which is astir apt the section bottommost for now.
Expecting a alleviation bounce from here, with a imaginable determination backmost toward the 69k–70k region. https://t.co/q5VGRG2Id1 pic.twitter.com/83U7H7Phog
— Ridaa (@RidaaXBT) June 4, 2026
Not Everyone Is Convinced
Not each marketplace watchers are buying the optimism. Trader Hitman42.eth warned that bulls whitethorn beryllium walking into a trap, suggesting the bounce could lure successful caller agelong positions earlier different limb down.
everyone cheering this $3k bitcoin:native bounce is wholly ignoring the graveyard they conscionable walked over.
$600m successful longs conscionable got vaporized successful 60 minutes flat. we tapped $61k close supra the february lows and bounced.
catching a falling weapon aft a structural flush is… pic.twitter.com/5QpE8Vv8Rc
— hitman42.eth (@ihitman42) June 4, 2026
The 200-week moving mean remains the cardinal dividing line. As agelong arsenic BTC holds supra $61,700, the carnivore emblem breakdown is not confirmed. A convincing betterment from that level would enactment $70,000 backmost successful play arsenic the adjacent meaningful terms target.
Bitcoin has tested the 200-week mean astatine large lows earlier — successful 2018 and again during the March 2020 clang — and bounced sharply each time.
Whether this week’s interaction of that level marks a akin turning point, oregon conscionable a little intermission earlier a deeper drop, remains an unfastened question.
Featured representation from Gemini, illustration from TradingView
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