BTC 16:00 UTC sees a slight rebound of 0.77%: selling pressure dries up and short-covering drives a technical correction

From 16:00 to 17:00 (UTC) on June 5, 2026, BTC recorded a +0.77% return. The price range was 59,781.6 to 61,102.1 USDT, with a swing of 2.19%. After a string of declines, a technical rebound appeared, but the overall market remains in a continuation phase of the recent downtrend, with elevated volatility risk.

The main driver of this abnormal movement is the intermittent exhaustion of sell pressure. After the market opened on June 5, the price fell from $63,812 to around $62,000, with an intraday drop of more than 2.8%. After short-term selling momentum was fully released, on-chain data shows that whales and long-term holders had concentrated selling from the late May to early June period. The exhaustion of the stage sell pressure triggered technical buy orders to enter.

In addition, short sellers taking profits further pushed the price back up. The price fell from above $71,000 in early June to around $62,000, accumulating a decline of about 13%. Short-term short positions had substantial profits, and some shorts closed near key technical support levels to lock in gains. Meanwhile, the May employment report was released at 12:30 UTC; after about 3.5 hours of digestion, market sentiment temporarily stabilized.

However, on-chain data still indicates that the bearish pattern has not changed. Whales continue to transfer BTC to a major platform in preparation for selling. Long-term holders’ net positions have decreased by 7.69%. A certain exchange platform recorded net outflows of $2.3 billion from its May spot ETFs, and ongoing institutional fund withdrawals remain an upside headwind.

Key support to watch is $68,348. If it breaks, price may probe lower further; $73,869 above is an important resistance level, and an effective recovery is needed to ease the bearish outlook. The 100th period EMA is nearing the 200th period EMA; a potential dead cross would mark a shift of the long-term trend to bearish. Short-term volatility risk still remains—consider monitoring on-chain fund flows and changes in institutional ETF holdings.