Bitcoin’s rebound in May 2026 sparked bullish optimism. NewsBTC reports that it has since reversed. Now one analyst is pushing a more cautious read, arguing the selloff is not finished.
The chart signal: two channels broke at once
Crypto analyst Xanrox tells NewsBTC that Bitcoin’s drop fits a “double breakdown.” The claim hinges on two separate chart channels that the article says were broken around the same time.
First, NewsBTC says Bitcoin fell below a descending channel that had broken with the drop under $71,000. Second, it also says Bitcoin broke an ascending channel at nearly the same moment.
Xanrox’s interpretation, as described by NewsBTC, is that “double breakdowns” are “extremely bearish” and often signal the crash is only getting started.
Why $60,000 may not hold
NewsBTC points to support near $60,000, calling it the cycle’s psychological level. But Xanrox’s view, per the article, is that this support is unlikely to stop the decline.
Instead, NewsBTC says the analyst expects another leg down. It cites a potential drop to $48,000, with “strong possibility” of a move into the $40,000–$30,000 range.
That framing matters because the article also notes a market reversal already unfolding. If the $60,000 floor fails, the next test becomes much lower on the map, where liquidity and sentiment often behave differently.
Outflows and forced selling pressure
Beyond the chart, NewsBTC highlights flow dynamics. The article says there is a major outflow across crypto, and that Bitcoin is taking the biggest hit among assets.
It also links the downmove to a user exodus. According to NewsBTC, the bear market has pushed some users toward cash, in a market the article characterizes as dominated by losses.
In practice, that combination can intensify downside. When outflows rise and leverage gets unwound, price moves tend to get uglier than a chart pattern alone.
Banks and futures selling risk, per Xanrox
NewsBTC also includes Xanrox’s claim that “banks are now controlling the Bitcoin price.” The article says that once banks start selling on futures, they could push Bitcoin down by 20% within a single day.
That would raise the stakes for retail traders, since NewsBTC says retail could face mass liquidation in such a scenario.
This is the most policy-adjacent part of the story, even though it is framed as market structure rather than regulation. The core idea in NewsBTC’s retelling is that large players using futures could amplify volatility, leaving smaller accounts less room to absorb sudden moves.
What to watch next
NewsBTC does not cite specific regulatory filings in the provided text. Still, it offers a clear watchlist anchored to its two themes: technical breaks and flow pressure.
Here are the concrete levels and mechanisms the article attributes to Xanrox.
| Item | What NewsBTC reports Xanrox expects | Why it matters |
|---|---|---|
| Channel breaks | “Double breakdown” after falling below a descending channel under $71,000 and an ascending channel at near the same time | Signals more downside could follow, not just a bounce |
| $60,000 support | Xanrox does not expect it to hold | If it fails, the market may move toward lower bids |
| Next downside area | Potential move to $48,000 | Sets the intermediate checkpoint |
| Deeper range | “Strong possibility” of $40,000–$30,000 | Defines the endgame range the analyst is warning about |
| Futures selling | Banks could push price down 20% in a day once futures selling starts | Volatility risk, possible retail liquidation surge |
| Market flow | Major crypto outflows, Bitcoin hits hardest | Reinforces that selling pressure could persist |
The bottom line is simple. NewsBTC frames Xanrox’s thesis as a two-part squeeze: a technical setup that implies further weakness and an environment where outflows and leveraged positioning can make declines accelerate.