Bitcoin Price Slides Below $62,000 Amid Bearish Sentiment

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: Jun 04 2026

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Support Level Analysis: Bitcoin is trading below $62,000, down over 50% from its October 2025 high of $126,200, with analysts focusing on the $65,000 support level; a decisive break could lead to a drop to the $60,000 to $62,000 range, impacting market confidence.
Market Expectations: Prediction markets indicate a 64% chance of Bitcoin falling to the $55,000 to $57,000 range, with a 51% probability of hitting $50,000, reflecting a bearish sentiment that could prompt further investor withdrawals.
Technical Analysis: The $65,000 level is seen as a critical support; if maintained, the market could recover towards $68,000 or even $70,000, but a drop below this level could trigger deeper corrections, affecting investor decisions and market stability.
Institutional Demand Impact: Despite the bearish sentiment, many analysts believe Bitcoin will hold above $55,000 due to ongoing institutional demand and the behavior of long-term holders, which may provide price support in the future.

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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	54055.678	56593.294	59687.538	62225.154	65319.398	67857.014	70951.258
Fibonacci	56593.294	58744.665	60073.783	62225.154	64376.525	65705.643	67857.014

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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