Bitcoin, Last Support Line Broken, Warning of Sell-off in the $50,000 Range..."Blood Bath Coming All Through June"

▲ Bitcoin (BTC) Decline

Bitcoin (BTC) has slipped back below a key cycle indicator, intensifying warnings of a prolonged bear market. The rebound, which seemed to revive after breaking past $82,000, was short-lived, and the market now faces a warning that a failure to defend $71,300 could open the way down to $59,798.

According to cryptocurrency media outlet TheCryptoBasic on May 29 (local time), Bitcoin has fallen 5% in the last seven days and dropped below the bear market resistance band. This band is composed of the 20-week simple moving average and the 21-week exponential moving average, which acts as support in a bull market but tends to serve as resistance, preventing upward attempts during the mid-cycle.

Benjamin Cowen, founder of IntoTheCryptoverse, analyzed that Bitcoin lost the bear market resistance band after its recent price correction. Currently, the upper boundary of the band is at $78,000, and the lower boundary is at $74,151. Bitcoin broke above $82,000 in early May, piercing this band for the first time since late October 2025, but the upward momentum did not last long.

Cowen believes that this break could lead to a continued bear market and further price declines. He predicted that Bitcoin could fall throughout June, potentially breaking local support around $60,000. TheCryptoBasic reported that Cowen sees Bitcoin's bottom forming in Q4 2026, a stance contrary to some market observations that a bear market bottom was already established in February.

In a separate analysis, Ali Martinez pointed out that Bitcoin has reached the bottom of the ascending channel it has maintained since February. This zone is where the 100-day simple moving average and the 23.6% Fibonacci retracement line converge, with the channel bottom presented between $73,000 and $71,300. He suggested that if buying pressure defends this support, Bitcoin could rebound, targeting $77,000 to $79,500.

Conversely, if the demand zone at $71,300 is lost, a confirmed break from the ascending channel would occur, and the target price would drop to $59,798. TheCryptoBasic reported that this price level could become Bitcoin's new yearly low. With the simultaneous break of a key cycle indicator and a retest of the ascending channel's bottom, the Bitcoin market has entered a phase more sensitive to defending support lines than to short-term rebounds.

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