Bitcoin has now broken below the bear flag channel, raising an important question: has the next major sell-off already started?
In this Bitcoin analysis, we take a detailed look at the current Elliott Wave structure, the recent breakdown, daily RSI conditions, and why the larger market structure still points toward a bear market environment.
While Bitcoin is now oversold on the daily timeframe and a short-term bounce remains possible, the key question is whether any rally would simply be another corrective move before further downside develops.
We'll discuss the critical support and resistance levels, the possibility of a wave B bounce toward the $75,000-$80,000 region, and why the larger bearish scenario remains valid unless the market can produce a clear impulsive recovery.
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Bitcoin BTC Price News & Insights Today 1-6-2026 - Technical analysis of BTC, on market structure, key support and resistance zones. Video by More #Crypto Online.
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Bitcoin Insights Today
-MicroStrategy's Symbolic Bitcoin Sale: Michael Saylor's company (Strategy) filed an 8-K disclosing it sold 32 BTC for $2.5 million to fund preferred stock distributions. While analysts consider the dollar amount "immaterial", it broke a four-year "never-sell" streak, sparking derivative betting chaos and retail panic.
-Macroeconomic and Geopolitical Headwinds: Global risk appetite fell as U.S.-Iran ceasefire talks stalled, pushing Brent crude oil above $93 a barrel and driving investors away from speculative assets.
-Corporate Treasury Activity: Despite MicroStrategy’s small liquidation, other global public companies capitalised on the dip. Firms like DayDayCook and Capital B combined to net-purchase $9.85 million in Bitcoin last week.
-Upcoming Infrastructure Drivers: Market analysts from Futu News point to June 8 as a critical juncture, which marks the official launch of regulated U.S. crypto perpetual futures and the Nasdaq CME crypto index futures.
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