Bitcoin (BTC) price declined further on June 2, 2026, as selling pressure increased across the crypto market. Bitcoin price has fallen significantly over the last 24 hours, suggesting that the ongoing correction may not be over yet.
At the time of writing, BTC is trading at $67,355, with a 24-hour trading volume of $49.95 billion and a market capitalization of $1.38 trillion. The Bitcoin price has declined 5.17% over the last day, reflecting growing weakness in the broader digital asset market.
Source: CoinMarketCap
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Bitcoin Faces Downside as USDT Dominance Rises
The focus of market attention now shifts to the warnings that have been issued by the crypto analyst Crypto Pulse, who emphasized that the USDT Dominance indicator was essential in determining the direction of the market. From what the Crypto Pulse said, a possible market sell-off began on May 16.
Source: Crypto Pulse’s X Post
As stated by Crypto Pulse, there is a tendency for past occurrences of such breakouts on USDT Dominance to be immediately succeeded by major drops in Bitcoin and other digital currencies. According to the analysis, this can be seen from the breakout experienced on January 29.
According to the Crypto Pulse, the move seems to have emerged again, with the value of Bitcoin having dropped by about 5%. Crypto Pulse expects this move to only be at its beginning stages and, therefore, expects to see further increase towards the 11.3% level. In the event that such a case materializes, more declines might occur in the crypto space because investors will flock to stablecoins.
Bitcoin Price Weakens as Technical Signals Turn Bearish
Technical analysis reveals that the bearish force is currently dominating the market for the Bitcoin price. This can be attributed to the fact that the RSI currently stands at 24.27, which indicates that it has entered deeply into the oversold region. In addition, the RSI signal line currently stands at 39.67.
Such a value for an RSI shows that the market was subjected to intensive selling, which means that there is a lot of room for further declines. Although oversold signals may be followed by rallies, this situation still favors bears.
Source: TradingView
MACD analysis also gives evidence to support the bearish view. Currently, the value of the MACD line stands at -1,740.93, whereas that of the signal line is at -941.25. The histogram is also below zero, registering at -799.68.
Since the MACD and signal line are still diverging apart from each other, it appears that there is still growing momentum towards the downside. Unless this situation improves, we may see more sell-offs in the Bitcoin price in the coming days, particularly if the USDT Dominance increases further.
As the technical indicators suggest bearishness and liquidity tilts in favor of stablecoins, all eyes are on the performance of the Bitcoin price to see whether it manages to hold itself above its important support zones.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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