#BTC

Bitcoin Morning Analysis and Outlook for June 2nd
After opening yesterday, the market continued to decline from 74,000 points down to 70,600 points, with no significant intraday rebound, and the downward trend was uninterrupted.
The current market weakness has not changed; after briefly dipping to the 70,600 low the previous night, it rebounded slightly to around 71,700 points but failed to hold that level, with insufficient upward momentum. The daily chart again shows a large bearish candlestick, with moving averages forming a death cross and turning downward simultaneously. Market volume is insufficient, and the MACD indicator has entered a rapid decline channel, indicating that the short-term market is predominantly bearish.
On the weekly chart, the price is firmly under the 10-day moving average, and the continued decline to new lows is likely to materialize. Specific trading strategies should be managed by each trader themselves.
Today, focus on resistance around 72,300 above, with key support levels at the 70,000 mark and 68,600 points. The morning market remains weak, and the 71,500 to 72,000 range is a good entry point for short positions. Start with light initial positions, add on rebounds, and the target is for the price to decline further and break below 68,600 points.