Bitcoin Price Prediction: BTC Drops Below Bear Market Resistance Band
Bitcoin Bitcoin Price Prediction: BTC Drops Below Bear Market Resistance BandSpot Bitcoin ETFs bled $733.43M on May 27 led by BlackRock IBIT shedding $527.84M alone.BTC dropped below the bear market resistance band on the daily with the SAR at $78,015 holding overhead.Analyst Benjamin Cowen flags June as the historical weak point in midterm years with a Q4 low as the likely cycle bottom. Bitcoin trades at $73,396 on May 28, down 1.24% after losing the bear market resistance band on the daily chart, as spot ETF outflows accelerate and the 0.5 Fibonacci level at $75,574 fails to hold as support. BTC Daily Chart: Rejected at $75,574 and the 0.382 Fib at $71,898 Is Now Exposed The daily chart rejected cleanly off the 0.5 Fibonacci level at $75,574 after a brief recovery attempt in May. Price is now pressing lower with the SAR at $78,015 sitting well above, keeping the daily bias firmly bearish. Two FVG zones are visible below current price between $68,000 and $72,000, acting as the next magnet if the 0.382 Fib at $71,898 gives way. The chart structure shows a Break of Structure from the November highs that has not been recovered. Every rally since February has been sold into, with the