30 Seconds to Understand a Whole Night: Summary of Market from Midnight June 2nd to 9 AM

From midnight to 9 AM on June 2nd, Bitcoin and altcoins generally experienced a "initial rebound and correction, then a sharp rise followed by a pullback" overnight market. Bitcoin gradually rebounded from lows in the early morning, reaching a high near 71,788, but faced significant resistance in the 71,600-71,800 range. Subsequently, prices oscillated downward, briefly dropping to around 70,038, and are now consolidating near 70,700. Altcoins moved roughly in sync with Bitcoin, peaking near 2009 in the early morning, then steadily declining, with a low around 1957. There was some rebound in the morning, but overall, they remain in a weak correction phase.

From a price structure perspective, last night’s rebound did not change the overall weak pattern. Resistance above the highs is clear, and lows are continuously shifting downward, indicating that bears still dominate. In terms of capital flow, during the rebound, there was little willingness to chase gains, and during the morning decline, panic selling and leveraged longs were concentrated, showing short-term cautiousness among funds. Technically, MACD bearish momentum remains, KDJ is sluggish at low levels, and RSI is approaching oversold territory, suggesting a short-term rebound is needed, but the strength of the rebound depends on capital support.

On the news front, the market continues to focus on Federal Reserve rate expectations, ETF capital flows, large on-chain transfers, and global risk events. Overall, last night’s keywords are: rebound facing resistance, oscillating and pulling back, leverage liquidation, and low-level correction. Future focus should be on whether Bitcoin’s 70,000 support and altcoins’ 1950 support hold effectively. $BTC $ETH