In this video we break down the latest Bitcoin price action and explain why maintaining a focus on current market structure is vital for navigating the ongoing bear market. We analyze the recent price movements, support levels, and the potential for a corrective bounce using Elliott Wave theory to help you stay objective amidst the current volatility.
You will get a detailed look at the 1-2 setup for the downside, key Fibonacci resistance levels, and the role of the 200 day moving average in identifying the broader trend. We also provide an update on the critical support zones between 60,200 and 61,040 dollars that are necessary to keep the current short-term bullish thesis alive.
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Bitcoin (BTC) is trading around $61,350 to $61,530, marking a 2.3% to 2.5% intraday decline as the cryptocurrency market faces severe bearish pressure and risks breaking below the critical psychological threshold of $60,000. This sell-off represents an approximate 44% drop from its value one year ago.
Bitcoin BTC Price News & Insights Today 10-6-2026 - Technical analysis of BTC, on market structure, key support and resistance zones. Video by More #Crypto Online.
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Bitcoin Insights Today
-Geopolitical Risk-Off: A sharp escalation in Middle East geopolitical tensions, primarily driven by U.S.-Iran frictions, has forced a broad de-risking phase across global markets. This triggered massive liquidations of leveraged long positions.
-Macro Inflation Fears: Investors are bracing for the newly released U.S. Consumer Price Index (CPI) report. Prevailing market anxieties dictate that elevated core inflation readings could convince the Federal Reserve to consider interest rate hikes later this year.
-Aggressive ETF Outflows: U.S. spot Bitcoin ETFs are mired in a 10-session streak of consecutive net outflows. May recorded $2.43 billion in exits—the worst monthly structural drag of 2026—as institutional capital rotates back to high-flying tech equities and semiconductor stocks.
-Investor Capitulation: Data from [K33 Research](https://theedgesingapore.com/news/cryptocurrency/bitcoin selloff leaves half all supply trading loss) indicates that for the first time since late 2022, over 50% of the circulating Bitcoin supply is currently trading at a loss. Furthermore, retail traders are noticeably exiting crypto platforms to position for upcoming traditional equity events like the massive SpaceX IPO.
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