Close Menu
ADVERTISE

Bitcoin drops below $104K, as Russia and Ukraine woes rattle US stocks

Bitcoin By
BlackRock Overtakes Grayscale To Become The Largest Bitcoin Fund In
BlackRock Overtakes Grayscale To Become The Largest Bitcoin Fund In

The following are key points.

  • Bitcoin is nearing its all-time record highs of late 2024, as US stocks absorb increased tensions in Europe.

  • BTC/USD falls 8% against its recent record of $112,000 and traders shrug it off.

  • If there is no other market stimulus, it’s possible that June will end with a flat result.

BitcoinBTCThe Wall Street Open on June 2, as tensions between Russia and Ukraine returned, saw a return to 2024’s highs.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

Bitcoin falls as bulls battle for peak 2024

Data from Cointelegraph Markets Pro The following are some examples of how to get started: TradingView BTC/USD dropped below $104,000.

US stock markets opened cautiously as investors anticipate geopolitical instability. Trading resource, The Kobeissi Letter commented on the uncertain situation.

“This is effectively the market pricing-out the Russia-Ukraine peace deal that President Trump has been working on for 3+ months,” You can write in parts ongoing X coveragereferring to US president Donald Trump’s plans to stop the conflict. 

“However, we have yet to receive a single comment from the US or President Trump. Clearly, something is going on behind the scenes. How will the US respond?”

S&P 500 1-hour chart. Source: Cointelegraph/TradingView

Filbfilb an independent analyst, who has a similar view to crypto voices, predicted a bad outcome for assets at risk.

“Markets look like they are struggling to me, with gold looking strong & tensions with Russia escalating lead me to suspect selling today on the cards & for the start of June,” He told X people will be following you on that day.

Filbfilb predicted Bitcoin could be a good investment if stocks gain new momentum. “probably outperform” BTC is a consequence. “still looks bullish” Long term.

Traders like Jelle shared this view. He said that the reactions to the recent retest of lows in local markets were too bearish.

Others complimented the May monthly candle close, which ended up as Bitcoin’s highest ever — albeit to little fanfare.

“This is one of the most beautiful monthly closes you could wish for $BTC,” Moustache, a colleague trader responded.

BTC/USD 1-week chart. Source: Moustache/X

“Muted” BTC price action expected

Looking ahead, market participants were undecided — after recent volatility, they agreed, BTC/USD might need a sideways trading period.

Related: $100K retest vs highest monthly close ever: 5 things to know in Bitcoin this week

“Despite the volatility, BTC continues to hover above $102k, a testament to underlying support. Volatility on the frontend has steadily compressed, and risk reversals have begun to normalise across tenors,” In its most recent bulletin, trading firm QCP Capital sent a message to Telegram subscribers.

“This signals expectations for muted price action in the near term.” 

QCP predicted a future price corridor of between $100,000 and $110,000, in the absence further volatility triggers.

Daan Crypto Trades is a well-known trader who has been analyzing the opening patterns of previous months.

“I think there’s a good chance that the first week or so is likely a move that can be faded upon seeing the first signs of a local reversal. If this is the case, I will stick with that trend for the remainder of the month,” Part of an X post Read the article on this topic.

Daan Crypto Trades expressed “strong bias towards either direction” For the month of June.

BTC/USDT 1 day chart. Source: Daan Crypto Trades/X

The article is not intended to provide investment advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.