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Bitcoin is at a crossroads after a sharp decline pushed the asset back into one of the most important support areas of the current market cycle. On June 5, BTC fell to $59,100 , reaching a level that has historically either stopped major declines or opened the door to significantly lower prices. At press time, Bitcoin had recovered to $61,966. However, the rebound has not resolved the bigger question facing the market: is BTC forming another major bottom, or is this only a pause before the next leg lower? Bitcoin Returns to a Level That Has Marked Past Cycle Bottoms The 200-week EMA remains one of Bitcoin’s most closely watched long-term market benchmarks. Michaël van de Poppe noted that Bitcoin has bottomed around this level during most previous bearish cycles, with 2022 standing out as the main exception. According to the trader, the current decline is one of the deepest moves of this type in Bitcoin’s history. That makes the setup especially difficult to interpret. The level is important enough to attract buyers, but the strength of the selloff means a clean recovery is not guaranteed. Trader Daan Crypto Trades added another important technical detail. In previous cases where Bitcoin lost major support levels, price often accelerated lower and did not return to those levels for a long time. This time, BTC appears to be holding near its previous low, at least temporarily. That leaves room for a different structure to develop. If buyers continue defending the area, Bitcoin could begin forming a wide trading range between roughly $60,000 and $80,000. Such a range would not confirm a bullish reversal immediately, but it would show that sellers are struggling to force a deeper breakdown. BTC/USD 1-week chart. Analysis by Michaël van de Poppe Bulls See a Bear Trap While Bears Watch $55K Market sentiment is now sharply divided. Analyst Crypto Candy continues to favor a bearish scenario, arguing that if downward momentum continues, Bitcoin’s next major target sits around $55,000 or lower. That view remains valid as long as BTC fails to reverse the current trend and reclaim stronger resistance levels. BTC/USD 1-day chart. Analysis by Crypto Candy Trader BitBull sees the situation differently. He argues that Bitcoin may be forming a major bear trap, especially as even committed bulls begin to lose confidence. In his view, moments of extreme doubt often appear near turning points, not after the market has already recovered. BitBull said he was bearish when Bitcoin traded near $80,000, but not at current levels. His argument is simple: after a sharp decline into a major support zone, the risk-reward picture changes. If sellers fail to push BTC lower soon, the market could begin punishing late shorts instead. Exchange Reserves Create a Warning That Bulls Cannot Ignore The bigger concern may not be which trader is right, but what Bitcoin flows to exchanges are signaling. Bitfinex highlighted an unusual shift in exchange reserves. Despite large-scale liquidations and a 26% decline, Bitcoin reserves on exchanges rose to 2.72 million BTC, reversing a months-long outflow trend. That is important because previous local bottoms often developed alongside withdrawals from exchanges. In those cases, investors were moving coins away from trading venues, reducing available supply and signaling stronger accumulation behavior. This time, the opposite appears to be happening. A rise in exchange reserves during a decline points to increased potential selling pressure rather than clear accumulation. It suggests that some market participants may be preparing to sell, not aggressively buying the dip. Bitcoin exchange reserve dynamics. Source: CryptoQuant For now, Bitcoin is holding near key support, but market participant behavior does not yet confirm that this level will become the next major cycle bottom. Price action is trying to stabilize, while exchange flows are sending a more cautious signal.