Today, 05:45 AM
Bitcoin and the Uncertainty Surrounding Its Next Move Higher
As mentioned in the previous Bitcoin analysis dated May 27, 2026, Bitcoin had downside potential. Eventually, and unfortunately, contrary to the expectations of buyers who were hoping for a continuation of the bullish move, Bitcoin experienced a sharp decline.
A Review of Bitcoin's Fundamental Outlook
Bitcoin is currently under pressure due to the cautious sentiment across the broader crypto market. The recent decline appears to be more closely related to concerns over interest rates and weaker capital flows into spot Bitcoin ETFs, rather than any fundamental weakness in the Bitcoin network itself.
Persistently high interest rates have made investors more hesitant to enter risk assets. At the same time, recent outflows from these ETFs have prevented the price from returning to a strong upward path.
However, following the Bitcoin halving, the amount of newly issued Bitcoin has decreased, and on-chain data also suggests that buyers are still present at lower price levels.
Therefore, in the short term, maintaining caution in buy-side positions appears to be the more reasonable approach. However, if pressure from interest rates begins to ease and capital flows return to these ETFs, Bitcoin could enter a recovery phase. In other words, the market has weakened for now, but Bitcoin's core fundamentals remain intact.
A Review of Bitcoin's Technical Outlook
From a long-term perspective, the trend on higher time frames, such as the weekly chart, remains surrounded by uncertainty, and so far, no confirmed signal has emerged to support a continuation of the uptrend.
In terms of the Fear and Greed Index, today's reading stands at 17, compared with 23 yesterday, reflecting a high level of fear among crypto market participants. This indicates that traders still lack confidence in Bitcoin, as well as in other major altcoins.
During its decline, Bitcoin reached the key $60,000 level, where the price paused and began forming a local bottom.
Overall, as long as the psychological $60,000 level remains intact, and provided that no new negative fundamental factor appears, Bitcoin has the potential to move upward toward the $65,000 resistance level. In a stronger bullish scenario, the price could extend its move toward $67,000.
In the opposite scenario, if daily candles close below the key $60,000 level, the probability of a bullish continuation would decrease, and Bitcoin could develop further downside potential toward the $54,600 support level.
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