Crypto Technical Analysis: Heavy selling pressure takes over the market

June has only just started, and the cryptocurrency market is once again showing broad short-term weakness. All major cryptocurrencies ended the week at new lows, while Bitcoin, the market’s reference asset, moved very close to the psychological 60k level.

This behavior reflects a clear loss of market appetite and confirms that the selling bias continues to dominate recent price action. For now, the size of the declines suggests that selling pressure could remain important over the coming trading sessions.

Performance of major cryptocurrencies

Source: Data - StoneX, Tradingview

• All major cryptocurrencies posted declines over the last seven trading sessions, reflecting broad short-term weakness. The most affected was Cardano, with a drop of -31.71%, making it the cryptocurrency under the strongest selling pressure at the moment. Litecoin managed to hold up slightly better, with a loss of -15.81%. Even so, weakness across the broader market is clear, and for now, no major cryptocurrency has managed to stand out positively in the short term.
   

• Over the last ten weeks, weakness has also remained present. Current prices across major cryptocurrencies are below the levels seen ten weeks ago, confirming that selling pressure is not only affecting the short term, but also the medium term. In this case, Cardano is once again the most affected, with a decline of -35.46%, while Bitcoin has shown greater relative stability, with a loss of -7.4%. Still, the chances of a consistent buying bias have weakened considerably.
   

• Year-to-date, the market still faces a major challenge, as none of the main cryptocurrencies have managed to trade above their 2026 opening prices. Cardano is again the most affected, with a loss of more than 50% from its opening price for the year, reflecting a particularly difficult confidence backdrop for this asset. Meanwhile, Dogecoin has shown greater relative stability, with a decline of -29.76%. Overall, the crypto market remains negative for the year.
   

• Bitcoin, as the market benchmark, stands out for its sharp weakness during the week. The cryptocurrency has lost nearly $12,500 in value and reached lows below $60,000. This suggests that BTC has not been able to sustain short-term confidence and may be spreading indecision to the rest of the market.
   

• Overall, most of the market is showing an increasingly clear phase of weakness. Until new relevant highs appear, this environment could continue to favor selling pressure across cryptocurrencies over the coming trading sessions.

Color scale from red to green – Red for negative correlations and green for positive correlations

Source: Data - StoneX, Tradingview

From a correlation standpoint, the relationship between major cryptocurrencies and Bitcoin has increased again. At the moment, all correlation coefficients remain above 0.9, reflecting a strong positive relationship between BTC and the rest of the market over the last 20 trading sessions. It is important to remember that correlation coefficients can change over time.

Far from showing optimism, this behavior reflects a market that is moving together toward weakness. As Bitcoin has come under short-term selling pressure, no major cryptocurrency has managed to separate itself from that dynamic, suggesting that the selling bias is once again becoming the dominant factor across the broader market.

In this context, although some cryptocurrencies are trying to maintain a degree of stability, the lack of appeal in the crypto market is becoming increasingly evident. If BTC fails to regain stability in the coming sessions, current selling pressure could continue to affect the broader market and reinforce the sense of fear and risk currently dominating the sector.

 

Bitcoin faces a major selling bias

Source: StoneX, Tradingview

Bitcoin’s weakness over the past few weeks has brought renewed attention to a long bearish trendline that has been present on the daily chart since 2025. If selling pressure continues in the short term, this structure could once again become the most important technical pattern to watch over the coming weeks.

Still, the speed of the recent decline may also be warning of excessive selling pressure. For this reason, short-term bullish corrections cannot be ruled out, especially if the market tries to stabilize after the sharp move lower.

Indicators:

• At the moment, the MACD histogram is moving sharply below the neutral 0 line, suggesting that short-term moving average strength continues to show a relevant selling bias. This indicates that bearish pressure could remain important in the short term. However, the RSI is also well below the 30 oversold level, which may point to excessive selling pressure and could leave room for bullish corrections over the coming sessions.

Key levels:

• 71,800 USD – Important resistance: A recent high area that stands as the most relevant upside barrier to watch. A move back toward this level could reactivate a forgotten buying bias and start putting the bearish trendline formation at risk over the coming weeks.
   
• 64,800 USD – Near-term barrier: A recent neutral level that previously acted as a low area on the chart. This zone could serve as a tentative barrier if bullish corrections appear in the coming sessions.
   
• 61,000 USD – Definitive support: A relevant low area not seen since October 2024 and close to important psychological levels. Consistent moves below this point could continue to reinforce a dominant selling bias and extend the current bearish trendline over the coming weeks.

 

Cardano faces the strongest selling pressure

Source: StoneX, Tradingview

Cardano is currently the weakest cryptocurrency across the short, medium, and long term, standing out for the most aggressive selling moves in recent sessions. The price has broken sharply below a sideways range that had been relevant for weeks, bringing a long-term bearish trend line back into focus after losing importance recently. For now, this structure is once again one of the most important patterns to watch on the chart.

Indicators:

• Now, both the MACD and the RSI remain below their neutral levels of 0 and 50, respectively. This shows that short-term strength continues to lean toward a selling bias. However, the RSI is also well below the 30 oversold area, which may warn of excessive recent selling pressure and leave room for possible short-term buying corrections.

Key levels:

• 24.00 – Important resistance: This level corresponds to the floor of the previous sideways channel, which had remained a relevant structure on the chart. It also aligns with the long bearish trendline and the 50-period moving average. A move back toward this level could reactivate a relevant buying bias and put the long-term bearish trend line at risk.
   
• 20.00 – Near-term barrier: A minor retracement level located around an important round-number psychological area. This point could act as a tentative barrier if bullish corrections appear in the short term.
   
• 15.00 – Main support: Given the lack of relevant nearby references, this remains the lowest psychological round-number area for Cardano in recent years. Continued selling pressure below this level could keep extending the bearish trendline as the dominant technical pattern over the coming weeks.
   

Written by Julian Pineda, CFA, CMT – Market Analyst

Follow him on: @julianpineda25