BTC price bottom not due until Q4? Five things to know in Bitcoin this week
Bitcoin entered the second week of June under pressure, with traders mostly expecting more downside before a cycle bottom later in the year. Some see a relief bounce toward the low-70Ks if key support near 59.1K holds, but broader views point to a bear-market low in Q3 or Q4 after a short rebound. Macro risks are adding stress: upcoming US CPI and PPI data are expected to show persistent inflation, while markets have quickly shifted toward pricing in future Fed rate hikes instead of cuts. Geopolitical uncertainty from the US-Iran conflict and higher oil prices is also weighing on risk assets. Onchain and sentiment indicators suggest selling pressure may be easing, with less speculative excess, more supply held at a loss, and Bitcoin back near major long-term support. Still, market mood is extremely negative, with the Crypto Fear & Greed Index at 8/100, a level that historically has sometimes coincided with or preceded market bottoms.
