Bitcoin Price 10% Selloff Sparks Fears Of A Deeper Breakdown

Aayush Jindal

Last Updated: June 4, 2026 1:56 am

2 mins read

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Bitcoin price started a fresh decline below the $68,000 zone. BTC is down over 10% and might continue to move down if it dips below $62,000.

Bitcoin failed to stay above $68,500 and extended losses.
The price is trading below $65,000 and the 100 hourly simple moving average.
There is a bearish trend line forming with resistance near $65,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might extend losses if it stays below the $65,000 and $66,500 levels.

Bitcoin Price Takes A Major Hit

Bitcoin price failed to stay above the $70,000 support zone. BTC remained in a bearish zone and extended losses below the $68,000 level. There was a move below the $65,000 level.

The price even dipped below $63,200. A low was formed at $62,490 and the price is now showing many bearish signs. It is well below the 23.6% Fib retracement level of the downward move from the $74,070 swing high to the $62,490 low.

Bitcoin is now trading below $65,000 and the 100 hourly simple moving average. If the price remains stable above $62,000, it could attempt a fresh increase. Immediate resistance is near the $63,500 level.

The first key resistance is near the $64,000 level. A close above the $64,000 resistance might send the price further higher. In the stated case, the price could rise and test the $65,000 resistance. There is also a bearish trend line forming with resistance near $65,200 on the hourly chart of the BTC/USD pair.

Bitcoin Price — Source: BTCUSD on TradingView.com

Any more gains might send the price toward the $66,500 level. The next barrier for the bulls could be $68,000 or the 50% Fib retracement level of the downward move from the $74,070 swing high to the $62,490 low.

More Losses In BTC?

If Bitcoin fails to rise above the $65,000 resistance zone, it could start another decline. Immediate support is near the $62,500 level.

The first major support is near the $62,000 level. The next support is now near the $61,200 zone. Any more losses might send the price toward the $60,500 support in the near term. The main support now sits at $60,000, below which BTC might struggle to recover in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $62,000, followed by $60,000.

Major Resistance Levels – $64,000 and $65,000.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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