June 2 Cryptocurrency Market Analysis

Today, the crypto market experienced a volume-driven crash, with bears dominating the sell-off. BTC dropped 3.6%, losing the 71,500 level, ETH broke below 2,000, mainstream coins declined across the board, and panic spread, hitting a two-month low again. Bitcoin is currently around $71,200, down 3.6% in 24 hours, surged to 74,203 intraday but faced resistance and then sharply declined, with a low of 70,680, volume breaking support, and selling pressure surging. Ethereum is at $1,990, down 1.0%, also hitting a two-month low. Mainstream coins fell 2%-4%, meme coins suffered heavy losses, only AI concept H coin rose against the trend by 22%.
The entire network saw over $630 million in liquidations in 24 hours, with long squeezes intensifying; fear and greed index at 25, back to extreme fear. News-wise, Strategy’s first sale of 32 BTC triggered panic; US inflation and rate hike expectations are rising, the dollar is strengthening; spot BTC ETFs continue to see net outflows, institutional funds are accelerating withdrawal.
Technically, BTC daily chart broke bearish support, with a four-hour downtrend channel. Resistance is at 72,000-72,500, support at 70,800-70,000. ETH resistance at 2020-2050, support at 1950-1900. Short-term is very weak, rebounds are to be sold, bottom fishing is strictly prohibited, stop-losses must be tight, and focus on the validity of the 70,000 integer level.
⚠️Risk reminder: Cryptocurrency volatility is extremely high. The above is for market analysis only and does not constitute investment advice.