What You Need to Know:
- Bitcoin faced a significant drop from $105,875 to a minimum of $103,156, indicating a correction of $2,719 (2.57%).
- On Thursday, U.S. spot Bitcoin ETFs noted $358.6 million in net outflows, concluding a streak of 10 days with a total inflow of $4.26 billion.
Global economic concerns and shifting trade policies significantly affect the cryptocurrency markets as Bitcoin recovers from recent declines. Institutional interest continues to rise, with companies like Strategy (previously known as MicroStrategy) and GameStop acquiring Bitcoin for their corporate reserves.
Technical Analysis Highlights:
- In a 24-hour review, a marked bottoming pattern emerged with substantial volume support found around the $103,200-$103,400 area, where buyers were frequently active, based on CoinDesk Research’s technical insights.
- Recovery momentum was bolstered after surpassing the $104,000 resistance level, with increasing volume reaffirming buyer confidence.
- The analysis implies that the correction phase may be over, allowing for a potential continuation of the upward trend. Recent price data indicated a noticeable rebound from $104,146 to $104,303, showing significant bullish movement.
External References:
- “Bitcoin Price Extends Losses — Is More Downside on the Horizon?” - NewsBTC, published May 30, 2025.
- “Bitcoin at Risk of Breakdown if Major Support Level Fails, Says Trader Justin Bennett – Here Are His Targets” - The Daily Hodl, published May 30, 2025.
- “Bitcoin price prediction 2025-2031: Will BTC hit $150k soon?” - Cryptopolitan, published May 31, 2025.
