Bitcoin Price News: BTC Eyes $58K After Confirmed Rejection of 50-Week EMA

Published: June 04, 2026, 21:44 GMT+00:00

Key Points

• Investors have withdrawn over $4 billion from Bitcoin ETFs in the last 12 days.
• BTC could find strong support at $58,000, potentially marking the start of a new bull market.
• If Bitcoin drops below this support, it may fall to $36,000 based on historical patterns.

Market Overview

Bitcoin (BTC) has experienced a challenging week, with a 13% decline attributed to ongoing geopolitical tensions that hinder the crypto market's recovery. Trading volumes surged by 36% in the past 24 hours as BTC approached a critical support level, which could signify either the end of its bear market or the onset of further declines.

Investor Sentiment

The market sentiment has shifted to "Extreme Fear" for the first time in three months, largely due to the U.S. government's failure to reach a deal with Iran and threats of increased tariffs on 60 countries for "unfair practices." This has led to significant withdrawals from Bitcoin-linked ETFs, totaling $4 billion, indicating a strong risk-off sentiment among investors.

Technical Analysis

Bitcoin's price recently retested the 50-week exponential moving average (EMA), which has historically acted as a strong support level. However, the market rejected a move above this line, which was broken in November 2025. The last time BTC fell below this EMA, it experienced a 62% collapse. While a similar decline is not anticipated this time, a retest of $58,000 is expected following the recent downturn.

Liquidation Impact

Liquidations in the crypto market have exacerbated BTC's decline, with $1.5 billion in long positions wiped out in just 24 hours. Over three days, long liquidations exceeded $3.2 billion due to BTC's bearish breakout below $70,000. The Relative Strength Index (RSI) has also dipped below its 14-period moving average, signaling increasing bearish momentum.

Potential Price Movements

On the daily chart, buying pressure has emerged around the $60,000 mark, indicating a strong demand zone that could lead to a significant bounce for BTC. If this support holds, a rally to $75,000 is anticipated. However, if BTC breaks below $58,000, the next target could be $36,000, aligning with previous bearish patterns observed when the price fell below the 50-week EMA.

Conclusion

In summary, Bitcoin is at a critical juncture, with potential for both recovery and further decline. Investors are closely monitoring the $58,000 support level, which could dictate the market's direction in the coming weeks.