This is not good for Bitcoin.

Added: 2026-06-04

[00:00:00]Bitcoin is getting absolutely smashed right now, and it's been the biggest mover in the last 24 hours. So, we're going to take a look at that in this video and what is likely coming up next alongside analysis in the S&P 500, US dollar, gold, silver, and also oil. So, let's just jump in and take a look.

[00:00:17]First, I'll we'll take a look at Bitcoin as that has been the biggest mover in the last 24 hours. And what we're looking at in yesterday's video was the only hope for Bitcoin to actually print some kind of strength or for the bulls to potentially get back control was that if price was able to snap back in yesterday's session because we were right in that target zone of around $69,000, which needed to hold. We needed to see buyers step in at that price to prevent the further likelihood of cascading selling down to the next support zone, which is exactly what we ended up seeing. So, no buyers stepped in. There was no signs of hope for Bitcoin, and here we are snapping straight down into that next support zone at around $65,000.

[00:00:56]So, basically, all we need to do now is just wait for buyers to re-enter the market and watch the charts. Watch the volume. Watch the closing prices because if we do not see volume come in and any meaningful bounce at the close, it is just suggesting there are no buyers in sight, and the selling pressure in the existing downtrend, which has been in effect now for many, many weeks coming up to 1 month, in fact, just means there's going to be more selling pressure until we actually see some buying volume come into the market. So, we're heading down to a very important support zone at the moment being half of the all-time high at around $63,000, and we also have an intermediate level at around $65,000, which comes off the previous time we saw a lot of buying come into the market. So, if we don't see buyers come in at the previous level where they found Bitcoin attractive, that continues to be an ongoing warning sign for much lower prices. So, 65K, mark that up on your chart. Let's see if any buyers actually step into the market in any meaningful way as well as a strong close in the session, ideally well above the open, which came in at around $66,760.

[00:02:00]So, we'll stay very close to this one on the channel as fear is obviously rising and we're getting down to some very, very important pivot points. While Bitcoin's in the midst of a bloodbath, stocks have barely flinched. In fact, money continues to flow into the stock market hitting a new all-time high closing price. So, we can keep the analysis very short and sweet for the S&P 500. It's in a bull market, trends remain up, no signs of weakness as yet.

[00:02:23]We are seeing some volume drop off.

[00:02:26]There's no point reading too deep into any signal while markets are trading in all-time highs. The most important thing you can do is just track where support should come into the market. And if support doesn't come into the market on any correction followed by a change in momentum, which is usually indicative of a lower high in price, that would be suggesting the market's getting ready for a larger reversal. Whether or not it's the peak of the cycle, it really doesn't matter. We're just looking out for signs of weakness and we don't have any signs of weakness yet. So, the level I'm watching beneath comes in at around 7,500 points for round numbers. If we see that level breach followed by a lower high, then I'll be looking out for perhaps a correction lasting around a week or so, but we will have to assess this one day at a time. Let's just see what happens when we eventually get a correction, where the support falls to, and of course if we see failed rallies into previous levels. So, for now, S&P 500 still very strong, no surprises there. Screaming uptrend with money piling into the market. Broadly speaking, we do know it's only a sector or two where the money's actually flowing to, but the overall index is still painting a very strong picture.

[00:03:27]Now, quick look at the US dollar, which is basically going nowhere but sitting in relatively strong territory. I'm leaning towards a break higher before we actually see lower prices in the US dollar, which would likely trigger ongoing selling pressure in Bitcoin if we do see the dollar rising higher because of course Bitcoin is priced in US dollars or at least what we're tracking here. So, look out for a break higher in the US dollar to trigger further selling pressure and potentially even a little bit more pressure in gold and also silver, which are basically just trading water at the moment. The immediate support zone I'm tracking for the US dollar comes in at around 98 and a half. If we see that price point break down, which I'll drop for you right now, followed by close and lower highs, that would be suggesting something different might be happening and we might actually be getting some relief and higher prices in assets priced in dollars. We're not seeing that at the moment. Let's see how the dollar reacts if it's able to retest its range highs cuz I do suspect it will break through, but we'll have to let the market do the talking. Gold and silver, like I touched on before, are basically flatlining. You can see here that it's gone nowhere really since the 15th of May. If you zoom back a little bit further, price-wise, it's the same price as it was almost all the way back from October. Silver's a very similar situation where volatility and energy has just left the market entirely. It's just trading water around its 75 to 76 dollar per ounce pivot point, a 50% level from that last run up. So, really all I'm doing here is just waiting for a clearly defined breakout on top of its range highs. We can get some early leads of tests around that 90 dollar per ounce level if we can see price break back on top and hold of 80 dollars per ounce.

[00:04:56]Whereas, if we begin to break down from range lows, we have a bit of a fourth time breakdown on our hands. There's every chance we're coming down to at least 66 dollars per ounce, potentially even down to 60 dollars per ounce.

[00:05:06]That's for silver, of course. For gold, I'd like to see a break and hold above around 4650 per ounce to give us a lead that we're going to be coming back to test that high 4,000 dollar range. And on the underside of the market, if we lose our 200-day moving average and our 50% level at 4,400 dollars per ounce, I do suspect we're going to be dropping down to test that old low and potentially even going through. Over now to crude, which continues to bounce away from its 50% level at 87 dollars per barrel. This here is another market which is broadly range bound, of course putting in some bigger ranges than gold and silver, but we yet to see any clearly defined breakout. So, all I'm watching here for oil is a break above around 98 dollars per barrel followed by a higher low. If we can see something like that happen, it would be suggesting much higher prices, potentially coming back to retest around $120 per barrel.

[00:05:50]Whereas, if we see a breakdown of our support zone at 88 bucks per barrel, then there's every chance that the peace talks are going well, inflation's going to be getting under control, and we can start to relax a little bit when it comes to getting our next tank of fuel.

[00:06:00]But, for now, the jury is still out as prices are contracting, so we'll see how this one here does resolve. Markets can't go sideways forever, they will eventually break out. So, we're going to be here to track which way it's going to break out, and what's more likely going to be coming up next. So, stay tuned for more on oil as it is just critical to under stand everything going on in the bigger picture across many markets and economies. Now, I'd highly recommend you join us so you can get closer insights into what we're thinking about the market. There's a link in the description below where you can do exactly that. In terms of the markets and how I'm currently seeing them for today in the last 24 hours, that's all I've got for you in today's market update. Wishing you more health, wealth, and happiness. Until next time, I'll catch you then.

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