On 5 June, the price of Bitcoin ($BTC) fell below $60,000 per coin, losing more than 6% in one day and almost 20% since the beginning of the month. At the same time, the price of Ethereum ($ETH) dropped below $1,600, losing more than 10% in one day and more than 20% of its value since 1 June.
While Bitcoin’s ($BTC) spot price is moving sideways around the $60,900 mark, blockchain data provides investors with an important roadmap. According to data from Bitcoinsistemi.com, the realised price, which represents the average cost basis for all investors in the market, currently stands at $53,700.
The number of active addresses on the Bitcoin network has fallen to nearly 600,000 — a level last seen in 2019, when the crypto market was in a bearish trend. Experts at Bitcoin Magazine suggested that there may be several reasons for these changes.
Not long ago, many investors were confident that after the launch of Bitcoin ETFs and the arrival of institutional players, the cryptocurrency market had become more mature and resilient. However, recent months have shown that Bitcoin remains an asset that is highly sensitive to investor sentiment, macroeconomics and global risks.
The sharp decline in the cryptocurrency market in recent days has once again drawn attention to Bitcoin’s critical support levels. Axel Adler Jr., an analyst at the CryptoQuant data platform, noted in his assessment of Bitcoin’s current outlook that selling pressure is steadily increasing.
Bitcoin price started a fresh decline below the $65,000 zone. $BTC is showing bearish signs and might continue to move down if it dips below $62,000.
On Friday, Bitcoin fell near a four-month low and headed for a significant weekly decline amid continued institutional selling, driven by persistent tensions around the war with Iran, which is forcing traders to stay away from cryptocurrencies.
As of 15:30 Eastern Time on 4 June 2026, Bitcoin was trading at $63,826, approximately 2.8% below its daily level. This price level has become the focus of attention on Polymarket, Kalshi and Myriad, where open contracts worth millions of dollars show a persistent bearish bias.
Bitcoin has reached the downside target set by Peter Brandt in February, but the veteran trader believes $BTC may still move lower before forming a tradable bottom. In one of his earlier forecasts, he predicted that Bitcoin could peak in the $300,000–500,000 range in 2029.
After a sharp crash to the $61,000 mark, Bitcoin briefly rebounded to $64,600 and then stabilised slightly below $64,000. Despite reducing its losses, it still remained down 3.2% on the day, 14% over the week and almost 30% since the beginning of 2026.
At 8:30 a.m. Eastern Daylight Time (EDT) on 4 June 2026, Bitcoin was trading at $63,444, with its Relative Strength Index (RSI) at just 17, while all 14 tracked moving averages pointed lower. As a result, the swing low at $61,310 became the focus of every active trader. The technical picture is clearly bearish on the daily, 4-hour and 1-hour charts, although oscillator readings pointing to deep oversold conditions keep the possibility of a short-term rebound alive.
Analysts at The Kobeissi Letter said that Strategy, formerly MicroStrategy, the largest corporate holder of Bitcoin, has faced what they estimate to be the largest unrealised loss in the history of its investments in the leading cryptocurrency.
Bitcoin remains under significant pressure after a sharp decline that pushed the cryptocurrency below several major technical support levels. Although recent trading activity shows some stabilisation near local lows, the broader market structure continues to favour sellers. At the same time, rising derivatives activity and persistent exchange outflows create a more complex picture for investors assessing Bitcoin’s next move.
The recent sharp sell-off in the cryptocurrency market has forced a significant share of Bitcoin investors to abandon their profit-taking positions. Darkfost, an analyst at the data platform CryptoQuant, shared important data on the ratio of Bitcoin supply to profit-taking positions
For 13 consecutive days, investors have been withdrawing money from spot cryptocurrency exchange-traded funds. In total, they have pulled more than $4 billion from Bitcoin ETFs over this period.
Bitcoin dropped to nearly a four-month low on Thursday, extending its decline as negative sentiment continued to weigh on cryptocurrency markets. Escalating tensions in the Middle East increased risk aversion among investors and pushed capital toward safer assets.
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