Technical analysis by CryptoVan-HQ about Symbol BTC on 6/2/2025

BTC (Post Weekly Close Update)We’ve confirmed a weekly SFP and observed a bearish engulfing weekly close, signaling caution at the very least. Whether the price corrects to our target, BOs here, or reaches a new ATH remains uncertain, so we’ll play it level by level. Imo, subtle signs of bullish exhaustion are worth noting.That said, I don’t expect a collapse to 70K, though anything is possible. I anticipate a drop below the key 100K level, targeting the 18H HOB and weekly FVG around 98K. We could even see a wick into the CME gap, YO, and VRVP support observed at 94K. This move may spark fear, traders anticipating lower, with some calling for a bear market. However, I expect the price to reverse, reclaim key levels, and resume the uptrend.On LTF/MTF - charts, we’re trading level by level. A range may form, allowing the market to gather liquidity to sustain the trend, especially since we missed liquidity at 72K. As long as the price remains below 107K, scalping makes more sense than swing trading in the short term. A break above 107K could target 110K or a new ATH. However, if the price reaches 107K - around 107800 - I’d consider shorting. A daily close above 107K might trap retail traders into opening longs, only for the price to retrace and head lower (keep this scenario in mind).VELO data:Market dynamics are stable. Spot is flat or selling, while perps are driving pric. OI has dropped from dangerous levels, and funding rates remain slightly positive. Overall, nothing significant is occurring, which aligns with the current range-bound market.