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$BTC June 4 Cryptocurrency Market Daily Analysis
After a deep plunge, the market experienced a technical oversold correction, with Bitcoin bottoming out at around $61,500 in the early session before rebounding. The current price is $64,300, with a 24-hour decline narrowed to 3.1%; Ethereum dipped to a low of $1,764, now at $1,808, with a slight intra-day recovery and a decline reduced to 2.2%.
Mainstream coins show clear divergence, with BNB and SOL, which previously fell sharply, slightly recovering. Most altcoins remain weak, with only a few small tokens defying the trend and strengthening.
The total liquidation across the network in 24 hours is approximately $1.76 billion. After consecutive long liquidations, short-term forced liquidations have significantly decreased. The Fear & Greed Index remains at 11, still in extreme fear territory, indicating short-term market confidence is hard to restore.
On the news front, lingering panic from MSTR's small-scale reduction in holdings has not dissipated. The US spot ETF continues to see net outflows, and the US dollar index remains under pressure at high levels, with risk assets under pressure. Geopolitical risk aversion has increased, suppressing capital inflows. The short-term rebound is driven only by oversold dip-buying funds, with no new institutional capital entering.
Technically, Bitcoin's daily chart shows a complete bearish trend. The 4-hour chart indicates severe oversold conditions, prompting a rebound. The first resistance is at 65,200-66,000, with strong resistance at 67,000; support below is at 63,000, and if broken, the price may revisit the key low of 61,500.
For ETH, resistance is at 1,850-1,890, with support at 1,770 and 1,740. The overall long-term cycle remains bearish. This rebound is defined as a technical correction. Traders should prioritize short positions on the rebound, only taking small positions at key support levels for short-term plays, strictly controlling positions and stop-losses. Do not hold heavy positions for bottom-fishing or reversal attempts.