Bitcoin (BTC) fell toward $58,000 around Tuesday’s Wall Street open as the clock ticked down to a brutal quarterly close.
Key points:
US stocks’ Q2 gains leave Bitcoin far behind as bulls nurse losses of nearly 20%.Bitcoin faces renewed pressure from the risk of Japanese government moves to support the yen.BTC price weakness is forcing capitulation by top buyers, says analysis.
Bitcoin “about to get spicy” amid 40-year dollar/yen high
Data from TradingView showed downside gaining the upper hand as volatility increased into the US session.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
With $60,000 increasingly looking lost as support, commentators saw the tussle between bulls and bears continuing on short time frames.
“Open Interest pumping, noticed some large longs entering on this dip, it’s about to get spicy,” commentator Exitpump wrote in fresh analysis on X.
BTC/USD order-book data. Source: Exitpump/X
Trader Killa eyed a repeat of weekly price patterns, in which Mondays formed the swing low or high of the following week.
“$BTC Keeps consolidating in this price range. Marginally higher lows and equal highs,” trader Daan Crypto Trades continued.
“Look out for whichever direction breaks first, I think a quick move should follow after that seeing how compressed this is becoming.”
BTC/USDT perpetual contract one-hour chart. Source: Daan Crypto Trades/X
Bitcoin thus reinforced its divergence from US stocks with total Q2 losses nearing 20%.
By contrast, trading resource The Kobeissi Letter noted the S&P 500 was up 14% over the quarter, marking its best performance since 2020.
“This would mark the 2nd-largest quarterly gain since the 2008 Financial Crisis recovery,” it added in an X post alongside data from Bloomberg.
“At the same time, the Nasdaq 100 is up +25%, on track for its strongest quarter in 5 years. This would also mark the Nasdaq 100’s 2nd-best quarterly performance in 25 years.”
US stocks performance comparison. Source: The Kobeissi Letter/X
Kobeissi described an “accelerating” global stocks rally, with the US providing the impetus.
In a potential headwind for crypto, the US…
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