Bitcoin (BTCUSD)

The Bitcoin wave structure remains intact, with the ongoing correction holding within the typical 0.618 Fibonacci retracement zone. Our outlook on Bitcoin continues to favor the bullish side. That said, a decisive breakdown below the 75K support level would invalidate this scenario.

Update ...

Many market participants still believe that Bitcoin is in a bearish phase. However, the latest wave count suggests the repeated formation of three-wave structures, which is typically seen in a leading diagonal, especially during Wave 1 of a bullish trend. Based on the medium-term outlook, the current market structure aligns more closely with a bullish scenario, as illustrated in the chart. Price action may appear erratic, random, and even manipulated, but these are actually common characteristics of Wave 1, where overall market confidence is still low and the true direction is not yet widely accepted.

If the bearish thesis were truly strong, we should have already seen a clear downside breakout accompanied by a strong impulsive move (impulse wave) within a downtrend. So far, this has not materialized. The absence of a convincing bearish impulse raises serious doubts about the validity of the current bearish narrative.
Instead, the market has continued to trend higher since February, despite widespread expectations of a downturn. The market may be creating the illusion of bearish conditions, while the underlying structure still supports a continuation of the bullish trend.

BTCUSD Update | May 31, 2026 | 15M Chart
Current price: $73,814
News Update: BTC has been under pressure this week. US bond yields rising as Moody's downgraded US credit rating — this is creating risk-off sentiment across all markets. Investors moving to safer assets. Also month-end selling pressure adding to the drop. However $73,200 support holding well so far!
Chart Analysis: BTC dropped sharply from $74,200 to $72,800 low on May 29. Then price bounced strongly from $73,200 support zone and recovered back to $74,200 high on May 31. Currently pulling back slightly to $73,814.
Key Zones: $73,200 support tested twice — May 30 and May 31 — holding perfectly both times. Very strong demand zone!
$73,600-$73,700 zone also acting as immediate support — price bouncing from here nicely.
Resistance: $74,200 | $74,300 | $75,000 | $76,000
Support: $73,600 | $73,200 | $72,800
Two Scenarios:
BULLISH — If $73,600 support holds and price breaks above $74,200 → next target $75,000 then $76,000. Bulls need a strong close above $74,200 to confirm recovery!
BEARISH — If $73,200 breaks → next major target $72,800 and below. Below $72,800 could see $71,000-$70,000 zone again.
Key Point: $73,200 is the most critical support right now! This level has been tested twice and held both times. As long as this holds — recovery is possible. But US credit downgrade and rising bond yields are serious fundamental headwinds for BTC. Watch this level carefully this week!
This is my analysis only — not financial advice. Trade at your own risk!
What's your view on BTC to end May? Comment below!

In my weekly analysis, I’ve identified that BTC is currently testing a congestion zone between $59,000 and $65,000. Historically, this area acted as a major consolidation range from March through October 2024. Last week (the week of June 1, 2026), price action attempted to break through this zone again but found firm support at $59,000. Currently, the weekly candle is struggling to break below the previous week's low.
While the primary trend remains bearish, $59,000 is establishing itself as a significant support level. For the remainder of June, I am monitoring the following scenarios:

1. Range-Bound Consolidation: BTC continues to trade within the $59,000 – $65,000 congestion zone, presenting opportunities for range-bound scalping.
2. Bearish Outlook: Should the price secure a weekly close below $59,000, I will shift my focus to the downside. My Area of Interest (AOI) and next targets will be a retest of $53,000, followed by $49,000.
3. Bullish Outlook: If $59,000 holds, my initial target is $65,000.
   1. Secondary Target: A close above $65,000 would target $74,000 (AOI.1), provided BTC can successfully engulf or retest the previous week's high or bounce off the downtrend line.
   2. Extended Targets: $78,000, and finally, $83,000.

These levels constitute my primary AOIs for the rest of June. As this week’s momentum appears exhausted, I will be watching closely to see how price action closes this week and develops moving into next week.

Bitcoin hasn't been this low in a while. Is now a good time to buy?

no, wait for 50k, that will be the low

I'll wait until it drops to 55k and then buy it

Bitcoin Outlook and Price structure

After a big downfall bitcoin took support of 59,000 on 5the June, and since then it has been consolidating withing a range of 64,200 - 59,000. Structurally breakout above 64,200 would be a bullish move, if price moves above that then it can retest the bearish trendline. however breakout below the level of 60,708 and 59,073 would lead to the continued move on the downside as outlook on the higher timeframes are already very bearish.

Below the immediate support of 59,000 next support is at the level of 52500.

For Educational Purposes only, Not an Investment Advice.

Any new perspective you want to add, Please feel free to mention below in the comment.

Regards CrazyTrades247.