After Bitcoin fell below $69,000, selling pressure intensified further in early June. Foreign media quoted veteran trader Peter Brandt as saying that the current trend has shown bearish signals; if BTC cannot regain and stabilize above $75,000, the subsequent downside potential could be in the $53,000 to $55,000 range.

Short selling expectations rise after price decline

The report noted that this decline occurred amid weakening market risk appetite. After Bitcoin fell below $69,000, selling pressure accelerated and spread to the broader crypto asset market.

Brandt believes that an "expanding triangle" pattern has formed on the June futures chart. According to common calculations based on this technical structure, if it breaks down further, the target range would be roughly between $53,000 and $55,000.

Brandt provides the reversal condition.

This commentary states that Brandt currently only provides one condition sufficient to change his bearish outlook: Bitcoin needs to return above $75,000 and stabilize at that level.

In other words, he remains cautious about the market outlook until prices recover to this level. The article considers this a key price level for current market observation.

ETF outflows coupled with macroeconomic pressures

In addition to the technical factors, the funding situation is also weakening. The US spot Bitcoin ETF has recorded net outflows for 11 consecutive trading days, with a daily net outflow of $483.7 million.

The article also mentions that higher-than-expected job openings data from the US JOLTS reinforces market expectations that interest rates will remain high for an extended period. For crypto assets, this typically means tighter liquidity and pressure on risk assets.

Next, the market will focus on the US May unemployment rate data. The report suggests that if the data remains strong, it could increase downward pressure on Bitcoin; conversely, weak employment data could provide room for a short-term price rebound.