Українська
Русский
English
YouTuber warns Bitcoin bottom is not yet in as stablecoin share reaches risk-off levels
On May 31, 2026, Bitcoin traded near $73,840, stuck in a narrow range between $73,412 and $74,110, as technical indicators signalled bearish pressure and institutional players moved in opposite directions. Amid rising stablecoin dominance, Tether burning more than $1 billion within 24 hours, and BlackRock selling $2.1 billion worth of Bitcoin over the past ten days, traders are watching several key levels to determine whether the next move will be a recovery or a drop toward $70,000.
Key takeaways:
- On May 31, Tether burned $1.2 billion in 24 hours, matching the pattern that preceded Bitcoin’s drop from $90,000 to $60,000 in February 2026.
- BlackRock withdrew $2.1 billion in Bitcoin over ten days, while companies such as Strive bought 1,100 $BTC in a single session, reflecting a split in institutional investor conviction.
- Polymarket priced an 85% probability that Bitcoin will reach $70,000 before $90,000, while TradingView moving averages confirm a strong sell stance at current levels.
1-hour chart: compression near resistance
On the 1-hour chart, Bitcoin has formed a series of higher lows after testing the $73,100 mark, a structure that points to short-term buying interest. However, the price has repeatedly been rejected near the $74,100-$74,200 area, and repeated tests of the upper boundary have compressed price into an increasingly narrow range.
Intraday support sits between $73,600 and $73,700, with $73,100 acting as the critical low below it. A confirmed hourly close above $74,200 would open the path to $75,000 and then $76,000. A close below $73,500 would shift the short-term structure bearish and bring $73,100 back into focus, followed by $72,400. Momentum on this timeframe is weak, and volume has not confirmed directional movement either way.
1-hour $BTC/USD chart from Bitstamp on May 31, 2026. Image source: bitcoinwisdom.io.
4-hour chart: sideways movement after a sharp drop
The 4-hour chart shows consolidation after a significant decline. Bitcoin fell sharply from around $78,000 to a low near $72,400, and since that sell-off, price has fluctuated between $73,000 and $74,500. Trading volume has steadily declined during the sideways movement, suggesting that neither buyers nor sellers are pressing their positions at current levels.
The structure resembles an accumulation range, but it has not yet produced a confirming breakout. Traders looking for an aggressive entry are watching the $73,000-$73,300 zone, while a more conservative entry would require a sustained close above $74,200-$74,500. The first meaningful upside target is $74,500, followed by $76,000 and $77,500 in a broader recovery. A break and hold below $72,400 would invalidate the consolidation thesis and create the risk of a move toward $71,000-$70,000.
4-hour $BTC/USD chart from Bitstamp on May 31, 2026. Image source: bitcoinwisdom.io.
Daily chart: bearish structure remains intact
The daily chart remains the most difficult for bulls to interpret. Bitcoin has posted a series of lower highs and lower lows after topping near $82,800, forming a clear downtrend. The latest daily low came near $72,400 before a small rebound, but no reversal candle or reclaim of higher levels has confirmed that the downtrend is over.
Trading volume increased during the sell-off, which analysts view as real distribution rather than a temporary market shakeout. Daily resistance levels sit at $74,500, $76,000, and $77,500. The broader trend remains neutral-bearish until Bitcoin reclaims the $76,000-$77,000 zone on a daily close. This is reflected in TradingView’s aggregate moving average panel: 11 of 15 moving averages are issuing sell signals relative to the current price, including the 10-, 20-, 30-, 50-, and 200-period exponential and simple moving averages.
1-day $BTC/USD chart from Bitstamp on May 31, 2026. Image source: bitcoinwisdom.io.
Influencers and prediction markets sound warnings
Some of the most popular voices in the Bitcoin space spent the final days of May issuing direct warnings. Crypto Rover, a YouTuber with more than 200,000 subscribers, noted on Sunday that Tether’s market capitalization fell by $1.2 billion in 24 hours, pointing out that token burns only happen when real dollars leave the system. As a comparison, he pointed to a similar Tether outflow that preceded Bitcoin’s fall from $90,000 to $60,000 in February.
Image source: X.
In a separate post the same morning, Crypto Rover noted that stablecoin dominance, measured as USDT.D plus USDC.D, had returned to the bull-market support range above 10.5%, which he described as a classic rotation from Bitcoin into cash equivalents during a risk-off environment. In addition, Polymarket data shows an 85% probability that Bitcoin will hit $70,000 before rising to $90,000. Meanwhile, several market observers also noted that BlackRock’s IBIT fund has sold $2.1 billion worth of Bitcoin over the past ten days.
Oscillators and moving averages: neutral setup meets strong selling
The technical picture as of Sunday morning, 7:30 a.m. ET, was split across several indicators pointing in different directions. The composite oscillator is in neutral territory: the 14-period relative strength index (RSI) stands at 37, the fast stochastic RSI at 10 signals a bullish trend, and the commodity channel index (CCI) at minus 117 also points to upside. The moving average convergence/divergence (MACD) level is at minus 1,105, pointing lower, while the momentum indicator at minus 3,843 confirms that reading. The net result across most oscillators is a neutral aggregate reading, reflecting range-bound price action rather than any decisive directional move.
The moving average (MA) panel shows a different picture. The 10-, 20-, 30-, 50-, and 200-period exponential and simple moving averages are above the current price and signal bearish pressure. Only the 100-period simple moving average at $73,167 and the Hull moving average at $72,795 lean bullish. The volume-weighted moving average at $77,393 reinforces the bearish tilt. The overall moving average overview shows a strong bearish bias, meaning the current price is below most medium- and long-term trend benchmarks. Until Bitcoin reclaims these levels, the technical backdrop will continue to favour downside, even though short-term charts show stabilization.
Bullish outlook
Bitcoin has held above $72,400 despite sustained selling pressure, corporate buyers are still entering at current levels with record single-day purchases, and the short-term chart structure shows higher lows forming. A confirmed hourly close above $74,200 would open the path to $76,000 and higher.
Bearish outlook
Eleven of fifteen moving averages point lower, BlackRock has withdrawn $2.1 billion from the market in ten days, Tether burned $1.2 billion in 24 hours, matching the pattern that preceded the drop from $90,000 to $60,000, and Polymarket prices an 85% probability that Bitcoin will hit $70,000 before seeing $90,000. The daily trend remains a sequence of lower highs and lower lows, with no confirmed reversal in sight.
See also: "Bitcoin: May 31 overview — whale exodus, ETF outflows, and the battle for $74,000"
