From a technical perspective, Bitcoin's decline today began after testing temporary resistance at around $70,200.

The main reason Bitcoin price is down today is due to the strong US May jobs report.

Nonfarm payrolls rose 272,000, beating all 77 estimates in the Bloomberg economic survey.

This positive data caused a spike in Treasury yields, with both the 2-year and 10-year yields rising about 12 basis points.

As a result, stocks fell, with the benchmark S&P 500 index down about 0.3%, while the dollar strengthened.

Higher yields typically indicate increased borrowing costs, leading to reduced risk-taking.

As a result, investors tend to stay away from riskier assets such as stocks and cryptocurrencies in favor of safer investments.

Another factor contributing to the decline in Bitcoin price is a slight decrease in the supply of BTC held by the wealthiest holders.

Notably, the supply of Bitcoin held by “whales” of at least 100,000 BTC has decreased by 0.2% over the past 48 hours.

This 70.200$BTC resistance level appears to be the neckline of Bitcoin's popular inverse head and shoulders (IH&S) pattern.

This classic bullish reversal setup resolves when the price breaks above the neckline and increases the maximum distance between the low point of the pattern and the neckline.

If the IH&S model plays out as planned, Bitcoin's main upside price target for July is over $90,000.

Conversely, a pullback from the neckline could send BTC price towards its 50-day exponential moving average (50-day EMA) at around 66.740 USD.