Bitcoin Dives Below $73,000, Ethereum Loses $2,000: What Does Technical Analysis Say?

by | Jun 1, 2026 | General

Bitcoin (CRYPTO: BTC) has dipped below $73,000 but is setting up for a short-term bounce says prominent analyst Trader Mayne, who sees the larger move as a countertrend rally before a deeper cycle low later this year.

Bitcoin Setup: Bounce Incoming?

In his Saturday livestream titled “Crypto Is Bleeding,” Mayne said Bitcoin failed to confirm his prior bullish setup because it never delivered the market structure break he needed for execution. That kept him from chasing the latest bounce attempt.

Mayne said Bitcoin is now near an area where a bounce makes sense, but he wants confirmation before taking the long side.

Still, Bitcoin needs to reclaim last year’s low and break its short-term downtrend first

He laid out three possible setups for a trade on the long side:

  • A daily swing-failure pattern from current levels
  • A reclaim of the recent consolidation and last year’s low
  • A safer 12-hour or daily close above the downtrend line, followed by a pullback

Mayne said the lower-risk trade is waiting for the downtrend break instead of trying to guess the exact bottom.

Altcoins: Strength Still Matters

While bearish on the broader market structure, Mayne highlighted several relative-strength leaders outperforming Bitcoin and Ethereum (CRYPTO: ETH). Hyperliquid, Zcash (CRYPTO: ZEC), VVV, NEAR (CRYPTO: NEAR) and Monero (CRYPTO: XMR) are some of the stronger setups that he pointed out.

Ethereum was described as “demonstrably weaker” than many altcoins, suggesting stronger assets could outperform if BTC rebounds.

Bigger Picture: Late Q3, Early Q4 Bottom?

Despite near-term bounce expectations, the broader thesis remains cautious.

Mayne said equities could eventually roll over later this year, potentially dragging crypto lower again before a larger cycle bottom forms in late Q3 or early Q4.

He also pointed to rising geopolitical tensions, weak crypto sentiment and growing macro uncertainty as reasons for caution.

Mayne concluded that crypto’s long-term structural story remains intact, especially as prediction markets, AI infrastructure and tokenized finance continue gaining traction.

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