Where Does Bitcoin Go From Here? This Is What the Charts Say

Bitcoin just had its worst day since April. The death cross is in effect, and prediction markets are bearish.

By Jose Antonio Lanz

Edited by Guillermo Jimenez

In brief

Bitcoin dropped nearly 6% today to $67,287—its lowest level since April—as macro fear and institutional selling hit in the same session.U.S. spot Bitcoin ETFs bled $2.43 billion in May, the worst monthly outflow of 2026.On Myriad, odds for a $55K dump just hit 52.6%—a complete reversal from mid-May when the $84K bull case held an 80% lead.The crypto market is having a rough June. Bitcoin opened today at $71,305 and skidded to a low of $66,948 before settling around $67,287—down 5.65% in a single session and at its lowest point since April.The broader crypto market is bleeding with it, and the macro picture isn’t offering much comfort: sticky inflation, a Fed that isn’t cutting, and geopolitical tensions from the U.S.-Iran situation have all been rattling risk assets for weeks. Institutions have been quietly—and some not so quietly—heading for the door.U.S. spot Bitcoin ETFs posted their worst monthly outflow of 2026 in May, with $2.43 billion pulled from the products. That reversed April’s $1.97 billion in inflows in one stroke.

On Myriad—the prediction market built by Decrypt’s parent company Dastan—traders are now pricing a 52.6% chance Bitcoin dumps to $55,000 before it bounces to $84,000. That’s a dramatic reversal from mid-May, when the $84K bull scenario held a commanding 80% edge. The $55K odds slipped another 2.1% today alone, suggesting the sentiment flip is fresh and still moving.Bitcoin price: What the charts sayBitcoin has been in a downtrend since its all-time high of $126,198 on October 6, 2025—a correction that has now erased more than 46% from the peak.The daily chart shows price accelerating lower through May, failing to hold the $76,000 level that briefly acted as support during March and April’s bounce attempts. Today’s candle—opening at $71,305 and sliding to $66,948—represents a decisive break of the $68,000–$70,000 zone that had been holding for several weeks, even breaking the volume barrier that usually holds prices either acting as ceiling or floor

The Relative Strength Index, or RSI, measures market momentum on a scale from 0 to 100, with readings below 30 indicating oversold conditions. Bitcoin’s RSI is at 22.7—deep into oversold territory. In theory, that’s a contrarian positive: sellers may have pushed too hard and buyers could step in. In practice, assets can stay oversold for extended stretches inside a strong downtrend as the panic spreads, so it’s important to use this indicator in combination with others. Think of a car skidding on ice—already sliding doesn’t mean it stops quickly.The Average Directional Index, or ADX, measures how strong the current trend is, regardless of direction. A reading above 25 confirms a trend is in place; at 30.6, Bitcoin’s ADX is firmly in “strong trend” territory. That’s the problem: combined with everything else on the chart, a strong trend reading here confirms the bears have conviction behind them. The recovery that happened in April is losing steam to the bigger bearish trend from October 2025.The EMA setup is the most alarming signal. Exponential Moving Averages—or EMAs—smooth out past prices to show the underlying trend direction. Bitcoin’s 50-day EMA is currently trading below its 200-day EMA, still in a “death cross” that started last year. It signals that short-term momentum has rolled over below the longer-term trend baseline, and historically it marks the kind of structural damage that doesn’t repair overnight.Why the bullish case to $84K could workThe RSI at 22.7 is genuinely extreme. Bitcoin has historically seen sharp short-term bounces from oversold readings this deep, and the $64,000–$60,000 zone visible on the chart represents a potential demand area where buyers might step in. A relief rally back toward $76,000—the last significant resistance—is technically possible if macro conditions shift or ETF flows stabilize.Myriad’s 47.4% still betting on $84K isn’t irrational. Bitcoin remains far above its pre-halving levels, and the long-term structural case hasn’t changed. Any dovish signal from the Fed, an easing of geopolitical risk, or a reversal in ETF flows could change the picture quickly. Crypto moves fast in both directions—and so can political conditions nowadays.Why doom to $55K is more likelyThe bearish alignment here is hard to argue away, even though it seems a bit difficult to achieve as a short-term bottom. It would only be possible if the bearish trend is actually a continuation of the 2025 movement.The death cross is confirmed, and the ADX says the downtrend has real conviction behind it. Multiple short signals are active simultaneously. Seeing these in combination likely means this is not noise and more of a coordinated technical breakdown across different indicators.It requires an atypical event to change the way markets are moving since bearish movement is the current normal.