BTCUSD weekly: bitcoin drops 11094.52 to 62498.94, 2026-06-01

Where BTCUSD closed the week

Bitcoin opened the week at 73593.46 and closed at 62498.94, a decline of 11094.52 or 15.1%. The weekly high touched 74011.75 on Monday before sellers took control, driving price to a weekly low of 61304.34 on Thursday.

What moved price

Asian market stress dominated crypto sentiment this week. South Korean markets faced severe pressure while the PBOC set its USD/CNY reference rate well above expectations, signaling tolerance for yuan weakness. These developments in traditional markets spilled directly into cryptocurrency trading.

Bitcoin's correlation to traditional risk assets intensified as the dollar reversed earlier declines against major currencies. The selling accelerated after Tuesday's break below 70000, with volume averaging 340000 contracts daily through Thursday before dropping to 88320 on Friday.

The week ahead

No major economic releases are scheduled for the upcoming week. Without data catalysts, bitcoin will likely track broader risk sentiment and dollar movements. If Asian markets stabilize, short covering could push price back toward 65000. Continued stress in Korean markets or further yuan depreciation would likely test Thursday's 61304 low.

Positioning

Current positioning shows 53.8% of traders long versus 46.2% short. The relatively balanced skew suggests no clear consensus despite this week's sharp decline. The modest long bias indicates some traders view the 62000 area as value, though conviction remains low after the 15% weekly drop.

Levels to watch

The 65000 round number sits between current price and the Tuesday breakdown level at 66679. If price reclaims 65000, the Monday high at 74011 becomes relevant again. Below market, Thursday's 61304 low marks immediate support. A break there puts 60000 psychological support in focus.

Byline: LHFX Research

Risk disclaimer. CFD trading involves substantial risk and is not suitable for every investor. Leverage works both ways and can amplify losses beyond your initial deposit. The analysis above is general market commentary and does not constitute investment advice or a recommendation to buy or sell any instrument. LHFX is regulated by the FSC Mauritius and the FSCA in South Africa.