Bitcoin Is Sitting on Critical Support — Bulls or Bears Next?

Jun 5

Bitcoin(BTCUSDT) continued its downward trend over the past few days, largely driven by a sharp drop in the S&P 500(SPX500) and other U.S. indices. Over $1 trillion in market value was erased in just the first two hours of trading, prompting Bitcoin to continue its decline.

Today, I want to analyze Bitcoin on the weekly timeframe. Typically, higher timeframes carry more weight in terms of reliability.

At the moment, Bitcoin is approaching a heavy support zone($56,620-$48,200) and support lines. Often, when a major area is touched, we see at least a short-term correction. Thus, we might expect Bitcoin to move upward briefly after touching these supports.

From an Elliott Wave perspective, given the momentum of this drop—especially after a fake breakout—we could expect further declines in the months ahead. However, numerous financial factors are at play, so we need to proceed step by step.

Also, USDT.D%(USDT.D) is near its all-time highs. We might soon see a downward move from these peaks, which could lead to a short-term relief for crypto markets, including Bitcoin.

Additionally, indices like the DXY index(DXY) and U.S. 10-Year Government Bond Yield have shown upward trends in recent days, which puts pressure on risk assets like Bitcoin, Gold(XAUUSD), and U.S. stocks.

I expect Bitcoin, after touching the heavy support zone($56,620-$48,200), to bounce upward—potentially reaching around $61,900. If the recovery continues, it may challenge resistance lines.

First Target: $61,900

Second Target: Resistance lines and Cumulative Short Liquidation Leverage($70,000-$67,600)

Stop Loss(SL): $47,550(Worst)

CME gap: $75,455-$74,830

CME gap: $84,560-$83,215

CME gap: $79,165-$78,945

CME gap: $54,545-$52,980

What’s your view on Bitcoin? Do you think it could drop below $50,000, or are we looking at a correction?

💡 Please respect each other's opinions and express agreement or disagreement politely.

📌Bitcoin Analysis (BTCUSDT), Weekly time frame.

🛑 Always set a Stop Loss(SL) for every position you open.

✅ This is just my idea; I’d love to see your thoughts too!

🔥If you find it helpful, please BOOST this post and share it with your friends.

Jun 7

Trade active

Time Frame: 1-hour time frame

Support zone: $61,970-$61,130

Cumulative Long Liquidation Leverage: $61,540-$60,830

Potential Reversal Zone(PRZ): $65,260-$63,720

Jun 7

Note

Iran attacked Israel a few minutes ago.

Please manage your positions.

Jun 8

Trade closed: target reached

It appears that the military confrontation between Iran and Israel is likely to continue, at least in the near term.

The situation remains highly fluid, with developments unfolding rapidly on both sides.