💥 Bitcoin bounced, but it’s been a rough few days.🔥

What happened with the $61k level:

🔥 Hit a 4-month low: BTC dropped to $61,322 in early Singapore trading Thursday, June 4, its lowest since Feb 6. That was a 5.5% intraday slide.

🔥 Quick bounce: It climbed back above $64,000 that same afternoon. Today it’s trading around $63,444 as of 8:30am EDT June 4, and earlier hit a high of $62,000 today.

🔥 Why it matters: Traders are eyeing $61K as the last defense before a potential drop to the high $50Ks. If it breaks, $60,000 is the demand area tested in early Feb. Next major support is around $59,948.

Why it dropped:

1. Middle East tensions sparked risk-off selling

2. ETF outflows: U.S. spot Bitcoin ETFs have bled cash for 11 straight days, ∼$3.45B total

3. Liquidations: $1.61B in forced liquidations hit in one session, with $634.6M in longs wiped out

4. Miner selling: Miner inflows to Binance hit the highest since Feb

Technicals right now:

🔥 RSI hit 17-18.33, the most oversold daily reading this cycle- historically that precedes relief bounces

🔥All 14 moving averages are bearish, with the 50-week EMA at ∼$83,870

🔥For bulls to get momentum, BTC needs a 4-hour close above $64,500. Resistance sits at the 200-week EMA near $68,647

So yes, it bounced above $61k after testing it, but it’s still down ∼13% this week and sitting in a “bounce or break” zone.

❣️Disclaimer :Not an Investment advice ❣️

$BTC $ETH $BNB #BitcoinBounceBackAbove$61K #PostonTradFi #genius #openledger #BinanceSquareFamily