Bitcoin (BTC) traded near$61,300 on Thursday, June 4, 2026, its lowest level since February 6, after athree-session decline of about 13% pushed the cryptocurrency to the floor ofits 2026 consolidation. My Bitcointechnical analysis reads the move as a test of long-standing support ratherthan a fresh trend, because a sharp intraday reversal lifted price back toward$64,000, close to the session open. The selloffcoincides with record spot-ETF outflows, a rare Strategy disposal, and arotation out of crypto into AI equities. The June 6 US jobs report andcontinued ETF flows are the immediate catalysts into the weekend.Followme on X for real-time market analysis: @ChmielDkWhy Bitcoin Is Falling?SpotBitcoin ETFs recorded a third straight week of outflows, Strategy disclosed itsfirst BTC sale in nearly four years, and more than $1.2 billion in leveragedlongs were liquidated as the move accelerated. Capital hasrotated toward AI equities, while Middle East tensions and a firm dollar keepspeculative bids cautious. The decline leaves Bitcoin roughly 50% below itsOctober 2025 record of $126,198."Marketsremain driven by a fragile mix of Middle East geopolitical risk," saidJoel Kruger, strategist at LMAX. Kruger pointed to sticky inflation, Feduncertainty, and the AI investment boom as the forces underpinning the dollarand keeping broader risk appetite cautious.For thelonger arc, FinanceMagnates.com's FMIntelligence framesa $95,000 to $130,000 base case for Bitcoin, a reminder of how far price nowtrades below the structural debate.My Bitcoin TechnicalAnalysis: BTC/USDTBitcoinfell to $61,300 during Thursday's session, its lowest print since February 6and the low of a three-session decline that erased about 13% of its value. In my last analysis I wrote that a return to theconsolidation drawn since February would likely mean a slide back into the$63,000 to $66,000 support range. The cryptoleaned on short-term support at the late-May lows near $72,500 on the way down,a level I flagged as unlikely to hold for long. My call played out, though thespeed of the descent to the lower boundary surprised even me.Thereversal matters more than the drop. After briefly trading well below theboundary, Bitcoin snapped back to about $64,000, almost exactly whereThursday's session opened. If the day closes as a pin bar, it tells me buyorders are stacking at this level to defend against further losses. I saw the same failed breakdowns in February and again in earlyApril, where buyers were waiting rather than the trend turning.How Low Can Bitcoin Go?In 15 yearsreading daily charts (my analyst page), I have found that a failed breakdown likethis usually shows where buyers are stacked, not where a downtrend ends. Just belowsits the $60,000 region, where this year's lows and the October 2024 lows forma heavy support zone. That convergence gives Bitcoin room to bounce before thenext directional decision.None ofthis changes the primary trend, which stays bearish. Bitcoin trades well belowits 200 EMA near $80,500, the line I treat as the divider between bull and bearregimes, and the $72,500 to $72,600 band that broke in late May now caps everyrebound. My long-term bear target sits below $50,000, where the 100%Fibonacci extension on my chart lands near $49,000. The zone extends down tothe $44,000 to $45,000 August 2024 lows, measured off the January downtrend andthe February-to-May correction.This article was written by Damian Chmiel at www.financemagnates.com.