$BTC June 5 Cryptocurrency Market Daily Analysis

The market experienced a bottoming out and rebound, with technical recovery after deep oversold conditions. During the day, BTC plunged below 61,300 and then rebounded, currently at $62,800, down 2.7% over 24 hours; ETH led the decline with weakness, now at $1,765, a 5.1% drop for the day. Altcoins were hit hard across the board, with ZEC and ADA each dropping over 15% in a single day. Market segmentation is extremely severe.
The total liquidation across the network in 24 hours reached $1.71 billion, involving 283k traders, with 85% of liquidations from longs. Three consecutive days of leveraged liquidations, with the Fear & Greed Index falling to 12, hitting the lowest extreme of the year. Major negative news today: BTC options worth $1.62 billion and ETH options worth $270 million are expiring simultaneously, both well below the pain point prices, further amplifying downward pressure through options sell-offs; BTC spot ETF ended 12 consecutive days of net outflows, with a slight net inflow of $3 million, but institutional participation remains weak. On the news front, hawkish comments from Federal Reserve officials continue to suppress risk appetite, the US dollar remains high, Middle Eastern geopolitical easing causes funds to flee from cryptocurrencies into gold and US stocks for safe-haven, with the Dow Jones rising nearly 900 points, diverting incremental capital from the crypto market.
Technical analysis shows that BTC remains in a large bearish trend on the daily chart. Short-term oversold conditions have begun to recover, with the first resistance at 64,500-65,200, and strong resistance at 67,000 (former support turned resistance); key support levels are at 61,200 and 60k. Once the 60,000 level is broken, a new downward space will open. ETH resistance is at 1,830-1,880, support at 1,720 and 1,650. ETH’s trend is clearly weaker than BTC, with limited rebound potential.
Short-term strategy: oversold rebound is only a technical correction; the long-term bearish pattern remains unchanged. For rebounds reaching resistance, consider shorting with the trend; for testing key supports, small positions can be used for short-term rebounds. Strictly control position sizes, avoid heavy bottom-fishing. Focus tonight on US non-farm payroll data outlook.
⚠️Risk reminder: Cryptocurrency markets are highly volatile. The above content is only an analysis of market conditions and does not constitute any investment or financial advice.