Foreign market analysis suggests that the cryptocurrency market continued its divergent trend on June 5th. Bitcoin and Ethereum remained under pressure after breaking through multiple support levels, XLM saw a pullback after its previous sharp rise, and TON returned to near its key moving average; the short-term direction remains to be confirmed.
BTC fell to around $63,000.
The article argues that Bitcoin's recent drop below the 50-day and 100-day moving averages, along with the breach of the upward trend line that supported prices over the previous two months, indicates significantly increased selling pressure. The accompanying increase in trading volume during the decline is seen as evidence that selling pressure remains dominant, rather than simply short-term profit-taking.
The article mentions that BTC is currently close to $63,000, and the market is now focused on whether it can hold the $60,000 level. If this psychological barrier is breached, the price may further decline to the historical demand zone around $55,000.
However, the analysis also points out that the oversold condition may bring a short-term rebound, but if it cannot regain the previously lost support zone, the overall trend will remain weak. The article considers the $73,000 to $76,000 range as an important level for subsequent recovery.
ETH falls below $2,000 mark
The article states that Ethereum's technical pattern is weaker than Bitcoin's. After falling below $2,000, ETH is currently trading around $1,760, with the 50-day, 100-day, and 200-day moving averages all above the price, indicating a clear bearish trend.
The author argues that ETH was repeatedly constrained by the descending resistance line during May, followed by a sustained increase in selling pressure. The accompanying increase in trading volume during the decline suggests that the market was not simply lacking in buying interest, but rather exhibiting a strong willingness to sell.
The article mentions that if selling pressure continues, ETH may continue to test the $1500 to $1600 area. For bulls, regaining $2000 remains the primary condition for short-term sentiment recovery.
XLM and TON enter a support test.
Among major altcoins, the article points out that XLM, which previously surged from around $0.15 to $0.30, was one of the stronger performers recently. However, after the breakout, the price has retraced about one-third of its gains, indicating that some funds have chosen to take profits.
However, XLM remains above the 200-day moving average and the previous breakout zone, with current support around $0.20. If this area holds, the price could retest the $0.25 to $0.30 range.
Regarding TON, the article states that its momentum slowed significantly after surging to $3, and it has currently returned to around $1.75 to $1.80, repeatedly testing the support of the 50-day and 100-day moving averages. The $2.00 to $2.10 area above has repeatedly acted as resistance, indicating that buying interest remains cautious.
The author believes that TON has not completely broken the longer-term structure, but if it falls below $1.75, the price may return to the $1.50 area; only if it rises back above $2 will market sentiment be able to improve significantly.
