Bitcoin has slipped below $73,000 in June due to the fallout from the U.S.-Iran clash. Cointelegraph, a blockchain media outlet, reported on June 1 that crypto market volatility rose after the monthly close as news of air strikes on Iran coincided with uncertainty over a ceasefire.

U.S. President Donald Trump wrote on Truth Social that Iran wants an agreement and that it would be a good outcome for the United States and its allies. A ceasefire agreement discussed as lasting at least 60 days has yet to be concluded.

In the near term, around $72,000 was cited as a key lower support zone. Trader Daan Crypto Trades said Bitcoin has stayed in a narrow range since last week. Trader CW said Bitcoin whale buy walls are set at $72,000 and sell walls at $80,000, suggesting liquidity near $72,000 could be tested.

Some said the weekly close did not completely extinguish bullish expectations. Rekt Capital said that if Bitcoin closes above $73,000 on a weekly basis, it could move a step closer to confirming a double-bottom breakout. Around $75,000 was presented as a short-term upside target. CrypNuevo said it is watching CME Bitcoin futures around $75,000 and is looking for a W-shaped reversal pattern on lower time-frame charts.

Macro indicators are also a variable this week. After the U.S. Institute for Supply Management manufacturing purchasing managers index on June 2, nonfarm payrolls data will be released. Mark Chadwick said the ISM purchasing managers index has been above 50 for three straight months, drawing attention to a signal of economic expansion. Mosaic Asset Company, however, said last week that personal consumption expenditures inflation data weighed on hopes that an inflation rebound driven by higher energy prices could be temporary.

On-chain and derivatives indicators signalled it may be too early to confirm a bottom. CryptoQuant contributor AbstractR said the share of long-term holder UTXOs keeps rising, making it difficult to conclude that a rebound around $60,000 marked the bottom. Nino said funding rates have turned net positive and have neared early-year levels, adding that investors should be wary of the risk of further declines to clear excessive long positions. Santiment also urged caution, saying market sentiment has tilted to its most optimistic level so far this year.