Bitcoin (BTC) traded near $61,300 on Thursday, June 4, 2026, its lowest level since February 6, after a three-session decline of about 13% pushed the cryptocurrency to the floor of its 2026 consolidation.

My Bitcoin technical analysis reads the move as a test of long-standing support rather than a fresh trend, because a sharp intraday reversal lifted price back toward $64,000, close to the session open.

The selloff coincides with record spot-ETF outflows, a rare Strategy disposal, and a rotation out of crypto into AI equities. The June 6 US jobs report and continued ETF flows are the immediate catalysts into the weekend.

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Why Bitcoin Is Falling?

Spot Bitcoin ETFs recorded a third straight week of outflows, Strategy disclosed its first BTC sale in nearly four years, and more than $1.2 billion in leveraged longs were liquidated as the move accelerated.

Capital has rotated toward AI equities Equities Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Read this Term, while Middle East tensions and a firm dollar keep speculative bids cautious. The decline leaves Bitcoin roughly 50% below its October 2025 record of $126,198.

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"Markets remain driven by a fragile mix of Middle East geopolitical risk," said Joel Kruger, strategist at LMAX. Kruger pointed to sticky inflation, Fed uncertainty, and the AI investment boom as the forces underpinning the dollar and keeping broader risk appetite cautious.

For the longer arc, FinanceMagnates.com's FM Intelligence frames a $95,000 to $130,000 base case for Bitcoin, a reminder of how far price now trades below the structural debate.

My Bitcoin Technical Analysis: BTC/USDT

Bitcoin fell to $61,300 during Thursday's session, its lowest print since February 6 and the low of a three-session decline that erased about 13% of its value. In my last analysis I wrote that a return to the consolidation drawn since February would likely mean a slide back into the $63,000 to $66,000 support range.

The crypto leaned on short-term support at the late-May lows near $72,500 on the way down, a level I flagged as unlikely to hold for long. My call played out, though the speed of the descent to the lower boundary surprised even me.

The reversal matters more than the drop. After briefly trading well below the boundary, Bitcoin snapped back to about $64,000, almost exactly where Thursday's session opened. If the day closes as a pin bar, it tells me buy orders are stacking at this level to defend against further losses. I

saw the same failed breakdowns in February and again in early April, where buyers were waiting rather than the trend turning.

How Low Can Bitcoin Go?

In 15 years reading daily charts (my analyst page), I have found that a failed breakdown like this usually shows where buyers are stacked, not where a downtrend ends.

Just below sits the $60,000 region, where this year's lows and the October 2024 lows form a heavy support zone. That convergence gives Bitcoin room to bounce before the next directional decision.

None of this changes the primary trend, which stays bearish. Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term trades well below its 200 EMA near $80,500, the line I treat as the divider between bull and bear regimes, and the $72,500 to $72,600 band that broke in late May now caps every rebound.

My long-term bear target sits below $50,000, where the 100% Fibonacci extension on my chart lands near $49,000. The zone extends down to the $44,000 to $45,000 August 2024 lows, measured off the January downtrend and the February-to-May correction.