Bitcoin (BTC) Stays Below $75,000, Bears Target $66,000
Bitcoin (BTC) remains in a bearish range after failing to reclaim $75,000. BTC has held above the $72,000 support since May 28, but buyers have not pushed price back over key moving-average levels.
As of June 2, Bitcoin is around $68,760 on the 4-hour chart, trading below the 21-day and 50-day SMAs. Both the 21-day SMA and 50-day SMA have turned downward, reinforcing near-term downtrend momentum. The article points to demand areas near $80,000, $75,000 and $70,000, while supply is seen higher at $120,000, $125,000 and $130,000. Despite long lower tails near $73,000 (signs of support buying), price is still capped around the $74,000 resistance zone.
Key levels for traders: a breakdown below $72,000 could open a move toward $66,000. Conversely, regaining $75,000 may allow Bitcoin to move back toward the moving averages. (Author’s technical opinion; not investment advice.)
Bearish
Both summaries agree that Bitcoin’s momentum is still bearish because BTC cannot reclaim $75,000 and is trading below the 21-day and 50-day SMAs on the 4-hour chart. The later update adds the current reference level (~$68,760) and emphasizes that these moving averages have turned downward, which typically increases downside follow-through.
In the near term, traders are likely to watch $72,000 as the key line in the sand. A loss of $72,000 would align with the article’s projected downside toward $66,000, potentially triggering additional selling and volatility. The presence of lower tails near ~$73,000 suggests some dip-buying, but the market remains capped below the ~$74,000 resistance area.
For longer-horizon positioning, regaining $75,000 is framed as the prerequisite for any rebound attempt back toward the moving averages. Until that happens, the structure described by both articles keeps the probability skewed toward bearish continuation rather than a sustained recovery.