Bitcoin is trading below $73,000 as of Monday, June 1, 2026, marking its weakest level since mid-April and extending a six-week slide. The cryptocurrency remains trapped beneath both its 50-day and 200-day exponential moving averages, a technical setup that signals continued downside pressure. Analyst Damian Chmiel warns Bitcoin could decline roughly 40% to $45,000 based on Fibonacci extension analysis, with the breakdown from February’s consolidation still intact.
Immediate pressure comes from spot ETF outflows, which hit $2.30 billion in May, the highest monthly withdrawal of 2026. Federal Reserve policy decisions and rising Treasury yields are now central catalysts this week. Bulls need to reclaim the $74,000-$76,000 zone to neutralize immediate selling pressure, but heavy resistance at $81,000-$85,000 stands in the way of any meaningful recovery.
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FXnCO Insight
** Traders should treat any near-term rallies as potential selling opportunities until Bitcoin definitively breaks back above $81,000 and flips the 200-day moving average from resistance to support.
Source: Finance Magnates