BcryptexBTC

Bitcoin continues to struggle. Last week closed with a brutal -14% candle. Saylor sold, gold is dumping, stocks are down, and war headlines are making a comeback.
It's been one of those weeks where it feels like the world is falling apart.
Anyway, let's talk about what's really going on.
BTCUSD (Monthly)

In our last few weekly updates, we talked about this monthly underside retest. Since then, price has gone on to make a new low.
So what can we expect next on the monthly?
Honestly, when price is in a downtrend, it's an open floor. Price can go as deep as it wants.
"Bull market can break all of your resistances"
"Bear market can break all of your supports"
As long as the monthly remains bearish and we don't see any structure shift, the floor stays open. I don't want to throw out random price targets based on the monthly chart because these moves can take months to play out, and let's be real, most people don't have the patience for that.
So for now, I'll keep it simple:
It's an open floor until we see a monthly structure shift.
Where will monthly shift its structure? Above that $82k ish high, too far right? Yes this is why i said monthly chart take months to play out.
BTCUSD (Weekly)
Before we look at the current picture, let me remind you what we discussed last time about the weekly chart.

Last week, we discussed that if BTC lost $70k, we would likely see a retest of $60k.
Well, here we are. Price dipped below $60k last week and swept the lows.
Now let's talk about the current picture.
BTCUSD Line chart (Weekly)
In all of my Bitcoin updates, there's one thing I've kept repeating:
Even when Bitcoin was moving higher, the weekly chart was still in a downtrend.
As long as that downtrend remained intact, the odds of a lower high were always on the table. A few green candles don't change the structure.
And that's exactly why I've been cautious despite the short-term strength.

I sometimes use the line chart to get early confirmation of the trend. It helps me stay ahead of traders who use candlesticks and wait for a candle close above or below a wick.
Bitcoin has now made a lower low on the line chart. (Not on the candlestick chart yet.)
A lower low means the bearish trend remains intact.
As long as the trend remains bearish, bears can continue to dominate the market.
BTCUSD (Weekly)

Bitcoin closed the week below the $65,800 level.
If you zoom out on the chart, you'll notice that there wasn't a single weekly candle that closed below $65,800 before this. That's what makes this weekly close important.
To me, this shows that the bulls are still weak, and there's no real reason to be bullish on BTC based on the weekly chart right now until bulls can reclaim at least this zone on the weekly closing basis.
The Bullish Hope
Besides every timeframe looking bearish, there is still one small hope for the bulls and that’s where Bitcoin can still surprise all the bears.

We have a $60k sweep, and I think this is really the last hope for bulls to step in and push BTC back up.
The weekly SFP has had a pretty significant impact on Bitcoin every time it shows up. I’ve marked the last few SFPs on the chart, and you can see how price reacted after each one.
$60k is going to be a very crucial zone for bulls. As long as bulls can hold it, there is still potential for a relief bounce. Bitcoin is already up +3000 from the $60k low, which shows how important that zone is.
Personally, I don’t rely on hopes, I prefer confirmations over a single candle. I’m only adding this “bullish hope” in case someone is still looking for it.

I shared the potential $60k sweep alert when price was trading around $60k and now it's $63k.
BTCUSD (Daily)

$65k-67k is where Bitcoin spent more time on the daily chart. So many buyers are stuck there and price broke this zone with a really high volume. It is also aligning with the $65k's weekly zone we discussed above. Bears will likely want to defend this zone.
As long as price is trading below this zone i don't have a reason to be bullish. i'd say as long as price is trading below this zone bears can Break under $60k zone.
Any downside or upside target for this week?
No downside target for this week really. As long as $60k stands there, I'd rather be neutral than Bullish or bearish.
Not Bullish because all timeframes are bearish
Not Bearish because $60k is the only key zone on chart.
I have said everything based on every chart. i think you guys are good enough to understand it.

That’s pretty much it for this Bitcoin update.
Let me know what do you think, your opinions are Always welcome

Cardano founder Charles Hoskinson posted “I’m taking a break. TTYL” on X on June 3, 2026, triggering a fresh 10% ADA sell-off and sending the token to $0.15 for the first time in more than five years. According to BeInCrypto, the move followed his warning a day earlier about a wave of ecosystem failures after analytics platform TapTools collapsed, with NFT marketplace JPG.Store also shutting down after entering restricted mode in April. Hoskinson said he has no governance keys, cannot initiate a hard fork, and lacks access to the treasury as disputes intensify.

The US House Ways and Means Committee is holding a digital asset taxation hearing on Tuesday with seven discussion draft bills already circulated — covering stablecoins, staking, mining, and a potential de minimis reporting exemption that crypto industry advocates have been pushing for years. Simultaneously, Illinois has passed a 0.2% broker tax on crypto transactions that is one governor's signature away from becoming law — prompting industry pushback over a rule buried inside a 1,624-page budget bill with no stakeholder engagement.
What the House hearing covers
The seven discussion draft bills circulated ahead of the hearing chaired by Republican Jason Smith address the full range of crypto taxation pain points that the industry has flagged with lawmakers. Key proposals include reducing tax reporting paperwork for crypto holders, providing regulatory clarity for income from mining and staking tokens, and establishing a de minimis reporting exception for small crypto transactions.
The de minimis exemption is the most consequential proposal for everyday crypto users. Under current law, every crypto transaction — including using stablecoins to pay for goods or services — is a taxable event that requires reporting the gain or loss. That requirement has effectively made crypto impractical as a payment medium for small transactions, since the compliance burden of tracking cost basis and reporting capital gains on a $5 coffee purchase is prohibitive.

Wyoming Senator Cynthia Lummis has indicated that the House Ways and Means Committee and Senate Finance Committee are considering a $300 de minimis exemption for Bitcoin transactions — building on her draft bill released in July 2025. A separate bill introduced in May, the Digital Asset PARITY Act, proposed a $200 threshold specifically for stablecoin transactions but not for cryptocurrencies like Bitcoin.
"We need digital asset tax clarity or activity will never fully onshore," said The Digital Chamber CEO Cody Carbone — a sentiment that captures the industry's core argument that tax ambiguity is keeping crypto commerce offshore rather than within the US regulatory perimeter.
The legislative path: bipartisan support required
Any crypto tax bill faces a challenging path to becoming law. Bipartisan support is required in Congress before anything can be signed by the President, and Tuesday's hearing is a discussion stage rather than a vote. The Senate's immediate focus remains on the budget reconciliation bill before lawmakers turn attention to the CLARITY Act digital asset market structure legislation — meaning crypto tax reform is competing for legislative bandwidth in an already crowded calendar.
Illinois: a 0.2% tax buried in a 1,624-page budget bill
While federal action moves at legislative pace, Illinois has already acted — and the crypto industry is not happy about how it happened. The Illinois General Assembly passed a $56 billion state budget on Monday that includes a Digital Asset Privilege Tax Act imposing a 0.2% tax on crypto transactions, to be collected by registered digital asset brokers. The provision was embedded in a 1,624-page Senate bill passed along party lines.
Brokers who fail to comply from January 1 face severe consequences — classification as a Class 3 felony in Illinois, carrying a prison sentence of two to five years and fines up to $25,000. The state expects the tax to generate $60 million annually.
Governor JB Pritzker has publicly signaled his intention to sign the bill but had not done so as of Friday morning. His signature would make Illinois the first US state to impose a transaction-level tax on crypto activity — a precedent that industry advocates are fighting hard to prevent.
The Digital Chamber and Illinois Blockchain Association penned a joint letter urging the state to reject the Digital Asset Privilege Tax Act, calling it "economically destructive." The organizations cited the lack of stakeholder engagement as a fundamental problem. "No other state has imposed a similar tax, and the lack of stakeholder engagement surrounding this proposal raises significant concerns," The Digital Chamber said in a Thursday X post.
The provision's placement inside a massive budget bill — with no industry notice or consultation — has prompted accusations of deliberate concealment. Industry advocates argue the rule would effectively penalize Illinois-based crypto users and brokers while pushing activity to other states with no equivalent tax.
Illinois governor also targets prediction market insider trading
Separately, Governor Pritzker signed an executive order in April banning state employees from betting on prediction market event contracts with platforms including Kalshi and Polymarket — citing concerns that elected officials could use access to nonpublic government information for personal financial enrichment on those platforms. The EO reflects broader state-level unease with prediction markets as they scale into mainstream financial products.
The bigger picture: federal clarity versus state fragmentation
Tuesday's House hearing represents the clearest indication yet that federal crypto tax reform has real legislative momentum in 2026. The seven draft bills, the de minimis exemption proposals, and bipartisan interest in reducing compliance burdens all point toward a genuine window for reform — particularly as the CLARITY Act advances and the broader regulatory environment for digital assets becomes more supportive.
Illinois's unilateral 0.2% broker tax illustrates what happens in the absence of federal clarity: individual states create fragmented, inconsistent, and potentially industry-hostile rules that complicate compliance and push activity toward jurisdictions with lighter regulatory touch. The crypto industry's preferred outcome — federal de minimis exemptions and clear staking and mining rules — would preempt exactly the kind of state-level improvisation that Illinois's budget provision represents.
Whether Tuesday's hearing translates into enacted legislation remains uncertain. But the direction of travel at the federal level is more constructive for crypto than at any point since the spot ETF launches in January 2024.

According to RTHK and CNBC, US stocks sold off sharply on Friday, with the Nasdaq index plunging 1,121 points, or 4.18%, to close at 25,709 — its steepest single-session decline in more than a year. The Dow Jones Industrial Average fell 695 points, or 1.35%, to 50,866, while the S&P 500 dropped 200 points, or 2.64%, to 7,383, snapping a nine-week winning streak.
The rout was triggered by May non-farm payrolls, which rose by 172,000, well above market expectations. The stronger-than-expected labor data fueled concerns that the Federal Reserve could keep interest rates higher for longer or even consider further rate hikes, raising fears that tighter policy may weigh on economic growth.
Technology shares, particularly semiconductor stocks, bore the brunt of the sell-off. The PHLX Semiconductor Sector tumbled more than 10%, its worst single-day loss since March 2020. The iShares Semiconductor ETF also dropped 10%, marking its worst day since March 2020. Nvidia fell more than 6%, erasing over $300 billion in market capitalization. Broadcom declined nearly 8% after tumbling more than 12% on Thursday, while Marvell Technology slid more than 16% on Friday. Intel and Advanced Micro Devices each fell around 11%. Micron Technology, the memory chipmaker that had recently been one of the standout performers in the bull market, dropped 13% after losing 8% on Thursday.
Cisco led Dow decliners with a drop of more than 6%, while IBM also fell nearly 6%. Among other mega-cap stocks, Tesla shed nearly 7%, Meta lost nearly 6%, Microsoft and Amazon each fell more than 3%, and Alphabet and Apple each declined roughly 1%.
As investors dumped technology shares, they rotated into defensive sectors such as healthcare and consumer staples. Colgate-Palmolive added 4%, Coca-Cola rose more than 3%, and Johnson & Johnson gained 2%. Procter & Gamble also bucked the broader market weakness, rising more than 4% as the Dow’s top gainer.
For the week, the Dow fell 0.3% and the Nasdaq lost nearly 4.7%, with both indexes snapping two-week winning streaks. The S&P 500 declined about 2.6%.