Bitcoin slipped into the mid-$60K range Monday, down 1.57% over 24 hours, as pseudonymous analyst Doctor Profit flagged a textbook bear flag forming on the daily timeframe. The pattern's pole runs from May's high of $82,000 down to sub-$60,000, with the flag from the bounce to $68,000. Combined exchange volumes dropped 3.45% in May to $4.41 trillion — the lowest reading since September 2024 — adding to the cautious mood.
Doctor Profit's bear flag setup
Doctor Profit's stated target is an initial flush to $54,000–$56,000, followed by sideways action and then a deeper leg toward $40,000–$50,000. Traders were actively buying puts with strikes down to $52,000 last week. The analyst also noted a possible liquidity-grab push toward $77,000–$78,000 before the flush, which would shake out short positions. A daily close above $78,300 would invalidate the pattern entirely.
Bitcoin has lost the $72,000 zone that previously acted as key support. The next high-timeframe demand cluster sits at $54,800, where structural support and the 0.618 Fibonacci retracement converge. Below that, support runs through $60,000–$58,000 (near the 200-day SMA) before reaching the $54,000 zone.
On-chain models point to cycle bottom range
On-chain models, including Willy Woo's CVDD floor (near $45,500) and metrics like Active Price and Cointime Price, cluster the probable cycle bottom between $46,000 and $54,000. That range overlaps with Doctor Profit's deeper leg target, suggesting multiple tools are converging on the same zone.
Bitcoin Hyper presale raises $33 million
In a separate development, Bitcoin Hyper — a Bitcoin Layer 2 project integrating the Solana Virtual Machine — has raised close to $33 million in its presale at a price of $0.0136. The project offers sub-second finality and low-cost smart contracts on Bitcoin, with staking available at a high APY. The presale momentum comes as traders rotate into Bitcoin-native scaling solutions amid the broader market uncertainty.
