Bitcoin's daily chart on TradingView reveals a decisive break below the Fibonacci 0.786 retracement level at $64,846, extending the intraday decline to a low of $61,400 before buyers intervened. The subsequent recovery to $63,799 leaves the asset trading beneath the flipped resistance at $64,846, with the Fibonacci 1.0 level at $59,948 serving as the next critical structural support. The 50-day SMA remains anchored at $76,697, significantly above current prices, confirming that Bitcoin has fractured beneath every major moving average on the daily timeframe. Woofun AI notes that the RSI reading of 18.33 represents the most oversold condition of the current cycle, approaching historical extremes that often precede relief bounces, although such conditions can persist during prolonged deleveraging phases.

The volume spike accompanying the intraday low at $61,400 marks the heaviest single-session volume of the ongoing correction, visible clearly on the daily chart. This surge in activity at a new low presents a dual narrative: it could signal capitulation where sellers exhaust themselves and buyers absorb supply, or acceleration where new participants join the sell side. The recovery from $61,400 to $63,799 within the same session suggests some demand absorption occurred at the lower level, yet the session remains open. Data compiled by Woofun AI shows that 271,562 traders were liquidated in 24 hours for a total of $1.61B, a figure that surged from $940M just 9 hours prior to the report.

Of the total liquidated value, $1.35B comprised long positions while $255.60M represented shorts, creating an 84% long composition. This imbalance confirms the cascade was driven by the forced closing of overleveraged buyers rather than coordinated short selling. With 84% of liquidations originating from longs, the self-reinforcing loop operated without meaningful short-covering to dampen the momentum, explaining how price reached $61,400 without a single identifiable news event triggering the move at that specific level. The absence of external catalysts highlights the fragility of the leverage structure within the market.

On-chain data tracked by analyst Amr Taha indicates that Bitcoin miner inflows to Binance reached 24,716 BTC on June 2, the highest reading since February 5 when the metric recorded 23,151 BTC. The June 2 spike surpassed the February peak by 1,565 BTC, or approximately 6.8%, marking one of the strongest miner-to-exchange flow events of the year. This movement was concentrated on Binance rather than spread across multiple exchanges, establishing Binance as the primary venue where miner-linked supply is appearing in the current period. Woofun AI analysis suggests that while large miner inflows do not confirm immediate selling, the intent behind specific transfers is not observable on-chain, as miners may move coins for hedging, liquidity management, or internal rebalancing.

However, the spike confirms that miner-held supply has moved closer to market liquidity precisely as the market processes the heaviest liquidation volume of the correction cycle. This combination raises the structural weight of the inflow significantly. If miner exchange deposits remain elevated over the next 48 to 72 hours, it suggests the June 2 spike was the beginning of a distribution phase rather than a one-day liquidity event. Conversely, if the inflow normalizes quickly, the spike is more likely to be interpreted as routine treasury management that coincided with a period of elevated market stress.

At $63,799, Bitcoin sits approximately $3,851 above the Fibonacci 1.0 level at $59,948, the last structural reference with confirmed prior demand before the $60,000 zone. The intraday recovery from $61,400 produced a visible demand response but has not yet established a confirmed support level. The critical technical data point for the next session will be whether the current session closes above $64,846 to reclaim the 0.786 Fibonacci level or closes below it, leaving that level as overhead resistance.