Technical Analysis

A sharp pullback in Bitcoin perpetual futures and deeper losses across several altcoin contracts point to a broad crypto derivatives deleveraging event, with traders cutting risk after long-side positioning came under pressure. User-provided Binance lead data showed BTC perpetual futures down 6.36% over 24 hours, with BTC open interest around 103,561 BTC. Cross-venue public API snapshots captured on June 4, 2026, showed a similar pattern across BingX and OKX, where BTC perpetuals fell about 7% while SOL, ADA, and TON contracts posted steeper losses.

Bitcoin traded just below $63,000 late June 3, after a sharp drop coincided with about $1.12 billion in liquidations over 24 hours, dominated by $949 million in long positions. The selloff briefly pushed BTC to $62,569 on Binance at 9:50 p.m. EDT, keeping traders focused on the $60,000 support area and near-term resistance between $65,000 and $70,000.

Bitcoin fell to $63,300 on Thursday, its lowest level since January, leaving it down more than 16% on the week and over 45% from the peak above $120,000 last October. Traders on Kalshi are pricing nearly an 80% chance of a drop below $60,000 in 2026, while U.S. spot Bitcoin ETFs have logged $4.21 billion in outflows over the last three weeks. On-chain metrics cited in the report place key levels at $77,800 resistance and $53,900 support as volatility measures and options skew point to elevated demand for downside protection.

NEAR traded around $2.85–2.88 on June 4 after rising from $1.27 exactly one month earlier, with the token up 7% to 13% over the last 24 hours while Bitcoin stayed below $66,000. The move coincided with NEAR Intents surpassing $20 billion in all-time volume and NEAR joining Amazon Web Services and FailSafe at an AI-focused enterprise event.

XRP has moved back into a technical zone that has appeared only four times across its roughly 13-year trading history. On June 1, analyst Cryptollica said on X that XRP's monthly RSI is in a deep "reset" area, with the indicator sitting around 42. The analyst argues that similar setups in 2014, 2017, and 2022 preceded major rallies, though they followed prolonged declines and consolidation.

Solana (SOL) has slipped under the lower bound of its multi-month range, after closing at $74.23 on June 2. Although SOL has fallen 9.56% since early May versus Bitcoin's 12.09% drop, the breakdown below $76.7 shifts the focus to a potential move toward $67.5, with $80 flagged as a near-term invalidation level.

Bitwise Europe says bitcoin is trading about $150,000 below a model-implied fair value of roughly $224,000, while May price action saw a move to $83,000 before sliding back to $72,000. The report links the reversal to $1.031 billion in global Bitcoin ETP outflows in the month's second half and highlights long-term holders at a record ~14.85M BTC (74.3% of supply), with $78,000–$85,000 framed as a key control zone.

On 3 June 2026, CoinGlass data showed 185,298 traders were liquidated over 24 hours for $939.87M, with $755.95M coming from long positions. Major coins fell over the same period, including BTC down 2.37% to $65,401, while BNB, ETH, and ADA each slid more than 5%. The liquidation mix stayed long-heavy in shorter windows as well, with a 4-hour total of $149.69M and ETH liquidations ($56.23M) exceeding BTC ($27.70M).

Worldcoin (WLD) rose more than 29% in 24 hours and 51% over the week as roughly $1.7 billion in leveraged positions were liquidated across crypto. WLD's daily trading volume topped $1 billion while Bitcoin fell to $66,000 and Ethereum dropped below $2,000. A scheduled July 24, 2026 issuance change is set to cut daily new WLD supply by about 43%.

XRP fell to a 15-week low of $1.18 before rebounding to around $1.20–$1.21, after a break of the $1.25 support level on 205.7 million XRP in volume. The token was described as trading in the $1.21–$1.26 range, down 2% over 24 hours and 7% over seven days, with key resistance cited at $1.32, $1.36, and $1.38. Analysts also flagged exchange-supply contraction signals alongside weak momentum, warning that a close below $1.18 could deepen the pullback.