The brutal sell-off of Bitcoin has not ended, and there is another deeper fall: Experts warn

The price of Bitcoin continues to slow down as the crypto market faces signs of weakness, influenced by macroeconomic factors. The largest cryptocurrency by market capitalization has retraced important support levels and is at risk of falling deeper, approaching the monthly lows.

At the time of writing, the price of Bitcoin is fluctuating around 104,900 dollars, recording a 2% fall in the past 24 hours. Other cryptocurrencies also show a marked weakness during the same period, with Ethereum and XRP decreasing by 8% and 4% respectively.

On the daily chart, Bitcoin may continue to face losses.

Bears tighten control

On the daily chart, the RSI index of BTC has fallen below the level of 50, confirming that the bullish momentum is rapidly diminishing. At the time of writing, this index stands at 48.85 and continues to trend downward.

BTC RSI | Source: TradingViewThe RSI indicator measures the overbought and oversold levels of an asset. Values above 70 indicate that the asset is overbought and may fall in price, while values below 30 suggest that the asset is oversold and may recover. With the current RSI of BTC, the market is gradually shifting to a bearish state, indicating the potential for continued decline in the near future.

Additionally, the MACD indicator of BTC further reinforces the bearish outlook. At the current time, the green MACD line ( is below the orange signal line ), a signal indicating that selling pressure is prevailing.

BTC MACD | Source: TradingViewThe MACD indicator helps traders identify trends and price momentum. When the MACD is below the signal line, selling activity will dominate, signaling the potential for continued price fall.

Currently, BTC is trading just below the 105,000 USD threshold, marking the third consecutive red candle on the daily chart. With demand for Bitcoin still weak, the coin may continue to fall and test the support level of 103,061 USD. If this support level is not defended, the likelihood of a deeper drop to 101,610 USD is very high.

BTC price chart 1 day | Source: TradingViewHowever, if buying demand returns, Bitcoin may escape the downtrend and move towards the next resistance level at 106,548 USD.

Expert Warning

According to analyst Daan Crypto, Bitcoin has been trading in a narrow range since losing the $108,385 mark. Despite the ability to withstand the sell-off, the analyst warns that important support levels need to be monitored closely.

According to Daan, Bitcoin may continue to fall and move towards the middle of the current range, with a price prediction that it could hit a support level of $99,600 in the coming days. If selling pressure is not contained here, Bitcoin could continue to plummet to the lowest level in the range, around $90,000. The analyst predicts that if this trend continues, the price of BTC may continue to decline throughout June.

Daan Crypto also shared his views on the movement of Bitcoin:

"Recent rapid developments have largely been influenced by headlines, although this news has been around for the past 48 hours. This is precisely the reason explaining why the price has started to fall. I have mentioned this before and want to reiterate once again: When the price of Bitcoin drops below $108,000, investors will have little reason to return, which brings the price back to a wider range. This is why I am cautious and do not intend to increase the current level of risk."

In this context, Daan recommends that investors wait for a clear signal of market recovery before deciding to re-enter. If Bitcoin cannot regain the previous highs, then maintaining caution remains the safe choice.

Another analysis from QCP Group also points out that one of the major risk factors for Bitcoin and the crypto market today is the increasing tension between the US and China, as well as the escalating conflicts in the Middle East.

However, this exchange has also observed some positive signals that may support the recovery of the digital asset market. Specifically, the inflow of funds into Ethereum ETFs is increasing significantly, there is a possibility of launching a Solana ETF, and GameStop's plan to issue $1.7 billion in convertible bonds to allocate to Bitcoin aims to diversify the company's balance sheet.

Annie