CoinSwitch Markets Desk

BTC's dip below $71K came even as US equities and AI-linked stocks stayed firm, making the move more crypto-specific than broader risk-off. Strategy's 32 BTC sale is small versus its 840K+ BTC holdings, but it does slightly shift how investors read the company's treasury playbook. Rather than only being seen as a permanent BTC buyer, Strategy may now be viewed as a more active balance-sheet manager. For BTC, the near-term focus is spot demand and ETF flows. A hold above $70.5K could support stabilization and a move back toward the $72K range.

Harish Vatnani, Head of Trade, ZebPay

Here is a technical analysis of ETH/USDT on a daily timeframe: 

Market Overview

Ethereum (ETH/USDT) is currently trading around $2,000 on the daily timeframe after breaking below the ascending trendline support that had guided price action since the February lows. The breakdown of this structure signals a notable shift in market sentiment from medium-term bullish consolidation toward a more cautious and bearish outlook.

The previous support trendline, which acted as a foundation for higher lows throughout March, April, and May, has now been breached. This breakdown indicates that buyers are losing control and sellers have gained short-term momentum.

Recent Price Action

ETH spent most of April and May consolidating between the $2,350-$2,400 resistance zone and the rising trendline support.

A key rejection occurred near $2,400, where price formed a lower high beneath the descending resistance trendline. This rejection confirmed the presence of strong overhead supply and prevented a bullish breakout.

Following the rejection, Ethereum gradually declined and eventually broke below the ascending support channel around $2,050-$2,080. The breakdown was followed by continued selling pressure that pushed price toward the psychological $2,000 support area.

The market is currently attempting to stabilize near this major support zone after a sustained decline.

Current Structure and Trend

The overall market structure has weakened significantly compared to the previous report.

Key observations:

● The ascending support trendline has been decisively broken.

● Lower highs continue to form beneath the major resistance zone.

● Price is now trading below former trend support.

● Market structure has shifted from bullish consolidation to bearish correction.

The current technical picture suggests:

● Sellers have gained short-term control.

● Buyers must defend the $2,000 psychological support level.

● Failure to hold above $2,000 could accelerate downside momentum toward lower support levels.

The former ascending trendline may now act as dynamic resistance if ETH attempts a recovery rally.

Volume and Momentum

Volume remains relatively moderate during the recent decline, suggesting that the breakdown is occurring through persistent selling rather than panic liquidation.

Momentum has clearly weakened over the past several weeks:

● Repeated failures near $2,400 exhausted bullish momentum.

● The trendline breakdown confirms increasing bearish pressure.

● Recovery attempts have been limited and quickly sold into.

For momentum to improve, ETH would need to reclaim the broken trendline and establish sustained trading back above the $2,100-$2,150 region.

Until then, sellers maintain the technical advantage.

At the time of writing, ETH was trading at $2,002.

Summary: Ethereum is currently trading near $2,000 after breaking below the ascending support trendline that had supported the market since February. The rejection from the $2,350-$2,400 resistance zone and subsequent trendline breakdown indicate weakening bullish momentum and increasing seller control.

While the $2,000 psychological level remains an important support area, the broader structure has shifted toward a bearish correction. Buyers must quickly reclaim lost ground to prevent further downside toward the $1,900 and $1,800 support zones. The coming sessions will likely determine whether ETH can stabilize and recover or continue its decline toward lower support levels."

Akshat Siddhant, Lead quant analyst, Mudrex

Bitcoin fell toward the $70,000 level after Iran suspended peace talks with the US, triggering a broader risk-off mood across global markets. This move pushed BTC to a 7-week low, while continued ETF outflows failed to provide price support. Investor sentiment was also impacted by Strategy's first reported Bitcoin sale. However, whales continue to accumulate BTC with 55,450 BTC in a single day, highlighting continued long-term confidence in the asset. The $70,000 level remains a critical support zone, with a break below it potentially opening the door to a move toward $65,000.

Riya Sehgal, Research Analyst, Delta Exchange

The crypto market is witnessing a sharp reset as Bitcoin's break below $71,000 triggered broader risk-off sentiment and forced leveraged traders out of crowded positions. The latest liquidation data shows over 152,000 traders were liquidated in the past 24 hours, with total liquidations near $744 million, indicating that the move was driven not just by spot selling but also by aggressive leverage unwinding.

Technically, Bitcoin has lost the important $72,500-$73,000 support zone and is now hovering near the crucial $70,000 area. If this level fails to hold, the next downside pocket could emerge around $68,800-$68,500. On the upside, BTC needs to reclaim $72,500-$73,500 to repair short-term momentum.

Ethereum is also under pressure after slipping below the psychological $2,000 mark. ETH now faces resistance around $2,020-$2,050, while $1,955, $1,920 and $1,880 remain key supports.

Macro headlines remain important. Any progress on a potential Iran deal could ease oil and inflation concerns, but until liquidity, ETF flows and broader risk appetite improve, crypto markets may remain volatile and reactive to negative news.

WazirX market's desk

"Markets are navigating a powerful mix of global and domestic forces as AI continues to attract significant capital and attention. At the same time, escalating tensions in the Middle East have brought energy markets back into focus, with crude oil remaining a critical factor for inflation, and global capital flows.

On the domestic front, investors are closely watching the Reserve Bank of India's policy signals. The rupee remains under pressure, and inflation risks are still present. Investors can be expected to exude a risk-off sentiment mirroring the current domestic scenario.

Attention will also turn to India's Q1 GDP numbers and the latest foreign exchange reserves data for the next catalyst in market movements.

In crypto, Ethereum is facing increasing pressure, driven by structural changes within the ecosystem.

Network activity has slowed significantly, weakening investor confidence. At the same time, the rise of different Layer 2 networks is changing how value flows across the ecosystem. These solutions improve scalability and reduce costs for users, shifting transaction activity away from Ethereum's mainnet.  Spot Ethereum ETFs have continued to see outflows, further increasing pressure on the network's valuation sustenance."

Rajesh Palviya, Head of Research, Axis Direct

The Nifty 50 witnessed sharp profit booking on Monday, declining 165 points to close at 23,382.6 after failing to sustain higher levels near 23,734. Escalating geopolitical tensions in the Middle East and the resultant surge in crude oil prices weighed on investor sentiment, leading to broad-based selling across sectors. Despite domestic weakness, global cues remained supportive as US equities extended their record-setting run, with the S&P 500 and Nasdaq closing at fresh highs, aided by continued strength in technology stocks led by Nvidia.

Asian markets traded mixed in early deals as investors balanced strong U.S. momentum against geopolitical uncertainties and elevated energy prices. Brent crude continues to hover near the $95 mark, which remains a key variable for emerging markets, including India. GIFT Nifty indicates a weak opening of around 180 points, suggesting caution at the start of trade.

Technically, the near-term undertone remains subdued as long as the index trades below 23,550. Immediate support is placed around 23,250, and a decisive break below this level could trigger further downside towards 23,050. However, any easing in geopolitical concerns or stabilization in crude prices could help the market recover from oversold conditions and attract selective buying interest at lower levels.

At the close on Monday (June 1), the total market cap of all 30 BSE Sensex companies stood at Rs 4,60,70,292.