Weakness across markets means fresh bad news for Bitcoin, with analysts struggling to find any positive news.
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.
My target has been $22,000 – $24,000 for nearly two months now and that isn't changing due to this small pump. Zooming out what has changed .. Nothing 👍 pic.twitter.com/eKNAyT2pO3
— Crypto Tony (@CryptoTony__) June 1, 2022
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.
End of bear correction on the same basis would be pre 2024 halving meaning not done until Q1 2023.
After which the cycle would look like this assuming we hit the bottom returns off the previous cycle like mentioned above sometime in 2025.https://t.co/3IqwyDs88c
— filbfilb (@filbfilb) June 1, 2022
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.
