Bitcoin Price Prediction: BTC Drops Below Bear Market Resistance Band
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On May 27 spot Bitcoin ETFs experienced $733.43M of outflows led by BlackRock IBIT's $527.84M, as BTC fell to $73,396 on May 28 (-1.24%) after failing to hold the 0.5 Fibonacci at $75,574 and dropping below the daily bear market resistance band. Technicals show the SAR at $78,015 overhead and the 0.382 Fib at $71,898 exposed, and analyst Benjamin Cowen flags June as a historical weak point with a likely Q4 cycle bottom, highlighting downside risk to crypto prices, ETF flows and institutional adoption.
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- Spot Bitcoin ETFs bled $733.43M on May 27 led by BlackRock IBIT shedding $527.84M alone.
- BTC dropped below the bear market resistance band on the daily with the SAR at $78,015 holding overhead.
- Analyst Benjamin Cowen flags June as the historical weak point in midterm years with a Q4 low as the likely cycle bottom.
Bitcoin trades at $73,396 on May 28, down 1.24% after losing the bear market resistance band on the daily chart, as spot ETF outflows accelerate and the 0.5 Fibonacci level at $75,574 fails to hold as support.
BTC Daily Chart: Rejected at $75,574 and the 0.382 Fib at $71,898 Is Now Exposed
The daily chart rejected cleanly off the 0.5 Fibonacci level at $75,574 after a brief recovery attempt in May. Price is now pressing lower with the SAR at $78,015 sitting well above, keeping the daily bias firml…
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