Bitcoin Plummets to Lowest Point Since October 2024

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: Jun 06 2026

BTC+1.636%

LUNA+1.533%

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Market Pressure Intensifies: Bitcoin plunged to $59,073 on Friday, marking its lowest point since October 2024, primarily driven by robust US employment data that heightened expectations for prolonged elevated interest rates, thereby increasing pressure on risk assets.
Demand Contraction: According to CryptoQuant, global Bitcoin demand shrank by 501,000 BTC over the past month, representing the deepest contraction since the last bear market, indicating a significant deterioration in market sentiment.
ETF Outflows: Ongoing outflows from Bitcoin ETFs exacerbated bearish sentiment, leading to a total weekly loss of 16% for Bitcoin, which stabilized around $61,000 during Saturday's Asian trading session.
Historical Cycle Comparison: Analysts noted that the current demand slump mirrors patterns seen in November 2023 and April 2025, suggesting that market participants are increasingly focused on this period of waning interest, potentially signaling a shift in market direction.

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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	53431.206	56465.603	59926.206	62960.603	66421.206	69455.603	72916.206
Fibonacci	56465.603	58946.693	60479.513	62960.603	65441.693	66974.513	69455.603

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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