Bitcoin returns to the price that capped 2021, defined 2024, and now tests the rally again
Bitcoin has fallen back into a key support zone around $66,900-$68,000 after a June 2 break below $68,000 triggered about $400 million in liquidations. This area has repeatedly marked the line between recovery and renewed downside, overlapping with old cycle highs and a prior failure zone. The market now needs to reclaim $68,000 as “repair” and then rebuild toward $71,500-$72,000 to confirm strength. If price stays below $66,900, the bearish path becomes clearer, with downside targets near $61,700 and possibly the yearly low around $60,000. The move matters more because macro conditions are less supportive: Treasury yields are elevated, ETF flows have been under pressure, and Bitcoin is weakening even as U.S. stocks remain near record highs. That suggests crypto-specific weakness, not just broad risk-off selling. Until Bitcoin either regains $68,000 or loses $66,900, it remains stuck in an unresolved technical range.
