Bitcoin and Ethereum Breach Key Support Levels Amid Rising Sell-Off Pressure

Key Facts

1Bitcoin price broke the psychological support level of $60,000 with expectations of a drop toward $55,000.

2Ethereum broke below a strong support level of $1735, potentially clearing the path for a decline toward $1400.

Amid a wave of volatility hitting the digital asset market, traders are facing increased pressure as major cryptocurrencies fail to maintain their technical positions. According to reports, Bitcoin price broke the critical psychological support level of $60,000, with technical expectations pointing toward a further drop toward $55,000. Similarly, Ethereum breached a strong support level at $1,735, potentially clearing the path for a decline toward $1,400, driven by a series of downward impulse waves that began earlier this year.

This technical breakdown coincides with shifting risk appetite among investors, as the total crypto market capitalization saw a significant decline in recent hours per CoinMarketCap data. In comparison to traditional assets, the US ISM Manufacturing PMI showed growth at 54.0 on June 1, 2026, strengthening the Dollar and exerting additional pressure on non-yielding assets like cryptocurrencies (per market data).

Traders should closely monitor daily closing levels, as Bitcoin prices hovered near critical thresholds as of June 8, 2026. Looking ahead, macroeconomic data may provide new catalysts, particularly with markets awaiting speeches from Federal Reserve officials and their impact on interest rate expectations, which will determine if cryptocurrencies can reclaim broken supports or succumb to further correction.