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Bitcoin eyes $58K support after 13% drop amid geopolitical tensions and ETF outflows.

Market News
04 Jun 2026
FXEmpire
View Source
Bearish
pluang ai news

Bitcoin has dropped 13% this week, hitting a key support level around $58,000 after failing to reclaim its 50-week EMA. Investors have pulled over $4 billion from Bitcoin ETFs in the past 12 days, reflecting heightened market fear due to geopolitical tensions and US trade threats. If Bitcoin holds the $58,000 support, a strong bounce could signal the start of a new bull market with a potential rally to $75,000. However, a break below $58,000 could lead to a further decline toward $36,000, echoing previous bearish patterns.

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