Bitcoin faced downside pressure as the US dollar hit its highest levels against the Japanese yen since 1986, while BTC price analysis revealed "capitulation" by 2025 top-buyers.
Bitcoin (BTC) fell toward $58,000 around Tuesday’s Wall Street open as the clock ticked down to a brutal quarterly close.
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.
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.
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