Bitcoin’s slide turned into a flush. BTC briefly cracked below $62,000 today before settling near $63,649, down more than 13% on the week, with $1.5 billion in positions wiped out. The chart is deeply oversold, but every bounce is still being sold. Here are the levels that decide what comes next.

Bitcoin is trading near $63,649 on June 4, 2026, after a brutal stretch that saw it briefly break below $62,000 intraday. BTC is down more than 13% over the past week and roughly 50% below its October 2025 all-time high of $128,198, with its market cap slipping to about $1.27 trillion (live BTC price on CoinMarketCap). The drop triggered around $1.5 billion in crypto liquidations.

The $68,000 floor broke earlier this week, $65,000 gave way next, and now the market is hunting for a bottom in the low $60,000s.

The technical picture is firmly bearish, though one indicator is flashing a possible turn.

Bitcoin remains below its 20, 50, and 100-day moving averages, confirming sustained downward pressure. It has now sliced through the 61.8% Fibonacci level near $67,182 that was support just yesterday, and that level is now overhead resistance. Volume picked up on the way down, which confirms selling conviction rather than a quiet washout.

The one bright spot is momentum. The weekly RSI has dropped into deeply oversold territory, around the low 20s, levels that have historically marked important bottoms (InvestingHaven analysis). Oversold this extreme often precedes a bounce because selling exhausts itself. But as this week proved, oversold can stay oversold while flows keep bleeding, so it is a setup to watch, not a green light.

The structure has shifted hard to the downside. The levels that matter now:

On the downside, $62,000 is the line BTC just tested and barely held intraday. Below it, $60,000 is the next major psychological and technical floor, and a clean break there opens the door toward the $55,000 region that even cautious analysts cite as a worst-case zone for this cycle.

On the upside, reclaiming $65,000 on a daily close is the first step to stabilizing. Above that, $67,182 (the broken Fib level) and then $68,000 are the resistances any real recovery has to clear. A daily close back above $68,000 would be the first genuine sign the bearish structure is breaking.

Several forces stacked up, and a new narrative emerged this week.

The biggest mechanical driver is still the ETF bleed. US spot Bitcoin ETFs have now shed about $3.45 billion across a record 11-day outflow streak (SoSoValue ETF data), with another $1.42 billion leaving in a single recent session. When the largest institutional buyer turns relentless seller, the floor under price collapses.

But the more interesting explanation is the rotation story. According to Charles Schwab’s Jim Ferraioli, Bitcoin’s weakness reflects a broader rotation out of crypto and into AI stocks and a wave of megacap IPOs, rather than fears about Michael Saylor’s selling. In other words, this is money chasing the next momentum trade, and right now that trade is not crypto. A hawkish Fed keeping rates high only sharpens that rotation away from risk.

Strategy (formerly MicroStrategy) holds roughly 843,000 BTC at an average cost basis near $75,500. At $63,649, the company’s entire Bitcoin position is now deeply underwater, sitting nearly $12,000 per coin below its average entry.

This is the number to watch. Strategy already made its first BTC sale since 2022 last week, a tiny amount, but a symbolic crack in the “never sell” wall. With the position now far underwater and ETF flows negative, the market is watching closely whether the largest corporate buyer keeps accumulating or steps back. If that demand pillar pauses while ETFs bleed, two structural sources of buying weaken at once. That is the real risk below $64,000.

Support: $62,000 / $60,000 / $55,000 Resistance: $65,000 / $67,182 / $68,000

Bitcoin broke below $62,000 intraday before settling near $63,649, down over 13% on the week, extending a selloff driven by a record 11-day ETF outflow streak and a market rotation into AI and IPOs. The structure is bearish: price sits below all key moving averages, broken supports are now resistance, and there is no obvious bid.

The one counterweight is a deeply oversold weekly RSI, which has historically marked bottoms. But reclaiming $65,000 and then $68,000 on daily closes is what it would take to confirm a turn. Until then, $60,000 is the next test, and Strategy’s deeply underwater position is the line where corporate-buying conviction gets tested.

Bearish short-term, but the oversold readings mean a sharp relief bounce can come at any time. Broken structures stay broken until something fundamental shifts, and so far nothing has.

What is the Bitcoin price today? Bitcoin is trading near $63,649 on June 4, 2026, after briefly dipping below $62,000 intraday. It is down more than 13% over the past week and roughly 50% below its October 2025 all-time high of $128,198.

Why is Bitcoin crashing? Bitcoin is down due to a record 11-day spot ETF outflow streak totaling $3.45 billion, a market rotation into AI stocks and IPOs, and a hawkish Fed. Cascading liquidations of $1.5 billion accelerated the drop below $62,000.

What is the next support level for Bitcoin? After breaking $65,000, the immediate support is $62,000, followed by the major $60,000 floor. A break below $60,000 could open the door toward the $55,000 region.

Is Bitcoin oversold right now? Yes. The weekly RSI has fallen into the low 20s, deeply oversold, a level that has historically marked important bottoms. However, oversold conditions can persist while ETF outflows continue, so it signals a possible bounce rather than a guaranteed one.

This article is for informational purposes only and does not constitute financial advice. Cryptocurrency is highly volatile. Always do your own research.

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