Bitcoin shattered a critical support level on June 2, sliding below $69,000 and losing more than 8% in a single session. The selloff has only accelerated since then: the largest cryptocurrency is now trading just above $62,000, down 2.3% over the past 24 hours and over 15% in the last seven days, according to market data.
The selloff in numbers
The move erased the gains that had filled the Chicago Mercantile Exchange (CME) gap in the $74,000–$81,000 range back in May, when Bitcoin briefly topped $80,000. That gap is now fully behind us. What's ahead, warns crypto analyst Aralez, is a classic bull trap — a fake rally that lures buyers in before prices drop again.
What Aralez sees coming
Aralez expects a temporary bounce to the $71,000-$72,000 zone over the next few days. That might look like a recovery, but it won't last. He then forecasts a sharp decline to $65,000-$63,000, with a potential bottom near $55,000 within 30 to 60 days. In his assessment, the current market structure is not the start of a fresh bull run. The path of least resistance points lower.
Bitcoin had been holding above the four-month support since late February. That line breaking on June 2 was the trigger Aralez flagged as pivotal. The timing isn't great: sentiment was already fragile after the CME gap was filled, and now the market is staring at a possible 20% slide from current levels if the $55,000 target plays out. The next few weeks will show whether the bounce materializes or if sellers take control immediately.
