On June 3rd, following an expansion in Bitcoin's single-day decline, FX Shanhai Securities indicated that the market remains in a phase of rapid short-term repricing. Reports noted that Bitcoin once fell to around $66,948, marking its lowest level since early April, with the digital asset market witnessing liquidations totaling $12.5 billion within 24 hours.
Technical Analysis Perspective
From a technical standpoint, FX Shanhai Securities believes the area near the long-term moving average around $66,250 has become a crucial short-term reference point. If the price repeatedly tests this zone and fails to establish a stable rebound, market expectations for lower support levels will continue to intensify, potentially prolonging the consolidation phase.
Comparison to Previous Patterns
Some analysts are drawing parallels between the current price action and earlier breakdown structures seen this year, mentioning that a move into the mid-$50,000 range remains within plausible scenarios. While such an outcome may not materialize immediately, the price is likely to remain more sensitive to negative news and liquidity contractions until the high-leverage environment is sufficiently unwound.
Market Outlook and Prerequisites
Consequently, FX Shanhai Securities assesses that Bitcoin needs to first undergo a cooling-off period in terms of volatility and positioning structure. A more stable foundation for a rebound is more likely to be established only after liquidation pressures subside and key support levels are repeatedly confirmed.
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