Bitcoin price risks $29K ‘nosedive’ as Wall Street opens with fresh losses

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Bitcoin (BTC) misplaced bullish momentum on the June 1 Wall Road open as United States equities confronted one other day of retracement.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

Zooming out, “nothing” has modified

Knowledge from Cointelegraph Markets Pro and TradingView captured a pointy U-turn for BTC/USD initially of buying and selling, $1,600 in three hours.

On the time of writing, the pair traded at round $30,400, giving back the past days’ gains.

For Cointelegraph contributor Michaël van de Poppe, $29,000 was now on the radar after support levels refused to cushion Bitcoin’s initial fall.

“Very simple, Bitcoin needs to hold here to have a test at $33K area possible,” he tweeted as BTC/USD reached $31,150.

“If not, that is going to nosedive fairly quick to $29K vary.”

The mood down surprised hardly anyone despite the recent show of strength and trip to two-week highs. 

For popular trading account Crypto Tony, targets beyond the short term remained firmly in place, these coming as low as $22,000.

Fellow account Blake famous ongoing weak spot in shares, with which Bitcoin has been extremely correlated, as an indication to not consider that the underside was in for crypto belongings.

“This SPX state of affairs is an enormous a part of why I do not think about this a “purchase the dip” second for crypto & Bitcoin,” he told followers on the day. 

“I will let the markets do their factor for a bit…”

The S&P 500 traded down 1.1% after the first three hours’ trading, as did the Nasdaq Composite Index.

Halving “hopium” is served

Attempting to find some more positive chart features, meanwhile, Filbfilb, co-founder of trading suite Decentrader, pointed to historical patterns seen during Bitcoin’s halving cycles.

Associated: Bitcoin may hit $14K in 2022 but buying BTC now ‘as good as it gets:’ Analyst

Present worth motion, he mentioned, was nonetheless following Bitcoin’s lifetime pattern, hinting that the acquainted pain-before-gain situation was now additionally taking part in out.

If BTC/USD had reached its farthest level from its 2020 halving price in November 2021, he analyzed, then it would have around six months’ more bearish behavior in store before rebounding into the next halving, due in May 2024.

Filbfilb nonetheless cautioned that the idea was extra “hopium” than a real prediction.

The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Each funding and buying and selling transfer includes threat, you need to conduct your personal analysis when making a call.