Bitcoin Hits New Low as Total Crypto Market Cap Drops by $150 Billion

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: Jun 04 2026

BTC+1.626%

BNB+0.969%

XRP+3.045%

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Bitcoin Price Plunge: Bitcoin's price fell below $61,000 today, marking a new four-month low and a decline of over 16% from $73,000 on June 1, indicating a worsening bear market that has shaken investor confidence.
Severe Liquidation Events: Over $1.6 billion in liquidations occurred across the crypto market, reflecting panic among investors during the price drop, which further exacerbates market instability and volatility.
Altcoin Struggles: Ethereum dropped to $1,750, hitting a 14-month low, while other major altcoins like SOL and XRP also saw significant declines, leading to a total market cap reduction of $140 billion in just one day, showcasing widespread weakness in the crypto market.
Declining Market Dominance: Bitcoin's market dominance has decreased by over 2% in the past week to 55.6%, indicating a waning interest in altcoins among investors, which may lead to further shifts in market dynamics.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Bitcoin (BTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	53516.557	56508.279	59939.557	62931.279	66362.557	69354.279	72785.557
Fibonacci	56508.279	58961.865	60477.693	62931.279	65384.865	66900.693	69354.279

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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