Bitcoin Faces Volatility as Bears Push for $60,000
By John Nada·Jun 4, 2026·2 min read
Bitcoin nears $60,000 amid leveraged liquidations. Bulls and bears brace for volatility.
“The fall was more about leveraged liquidations, heavy ETF outflows, and technical breakdowns than pure Iran news,” said Andri Fauzan Adziima, research lead at Bitrue Research Institute, in a conversation with Cointelegraph. His remark sheds light on the real factors behind Bitcoin's current predicament, despite geopolitical tensions adding a layer of fear.
Bitcoin struggles to maintain altitude above $65,426, pivoting dangerously close to its yearly low of $60,000. Veteran trader Peter Brandt highlighted an expanding triangle pattern, a technical structure pointing to potential further declines towards $56,000 if the bearish trend persists. However, Brandt also notes that a surge above $75,000 would negate this outlook.
Volatility is in the cards. As the market wrestles with these pivotal levels, bulls and bears are expected to engage in a fierce skirmish. The $65,000 to $60,000 zone, a significant support area, might attract substantial buying pressure, yet relief rallies could face quick liquidation.
Ether isn't faring any better. Its descent from a range of $1,916 to $2,465 signals bearish dominance, with the next critical support pegged at $1,750. The oversold RSI suggests a potential bounce, yet any recovery might be met with strong resistance, particularly if Ether hopes to climb back to its 50-day SMA.
Meanwhile, some altcoins show resilience. Hyperliquid (HYPE) stands its ground amidst market chaos, hinting at bullish sentiment as buyers view dips as opportunities. A push above $75 could catapult the rally to the $85-$89 zone. Zcash (ZEC), too, is on the radar, closing above the 20-day EMA which indicates buying interest at lower levels.
In contrast, BNB, XRP, and Solana face their own battles with bearish pressures. Each shows potential for downside, contingent on whether support levels hold or succumb to selling pressure.
Crypto markets continue to navigate a complex landscape of technical indicators and external influences. Traders are bracing for increased volatility, with strategic levels serving as battlegrounds in the ongoing tug-of-war between optimism and caution.