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

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

Weakness across markets means fresh bad news for Bitcoin, with analysts struggling to find any positive news.

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

Bitcoin (BTC) lost bullish momentum at the June 1 Wall Street open as United States equities faced another day of retracement.

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

Zooming out, “nothing” has changed

Data from Cointelegraph Markets Pro and TradingView captured a sharp U-turn for BTC/USD at the start of trading, $1,600 in three hours.

At the time of writing, the pair traded at around $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.

Fellow account Blake noted ongoing weakness in stocks, with which Bitcoin has been highly correlated, as a sign not to believe that the bottom was in for crypto assets.

“This SPX situation is a big part of why I don’t consider this a “buy the dip” moment for crypto & Bitcoin,” he told followers on the day. 

Filbfilb nonetheless cautioned that the theory was more “hopium” than a true prediction.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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