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Bitcoin (BTC) experienced an 8% pullback from its recent all-time high of $112,000, dipping below $104,000 during early June trading. The cryptocurrency's movement coincided with renewed tensions between Russia and Ukraine, which sent ripples through traditional markets.
US stocks opened cautiously as investors weighed the potential impact of escalating European tensions. Trading resource The Kobeissi Letter noted the market appeared to be pricing out expectations for a peace deal that former President Donald Trump had reportedly been negotiating for three months. "Clearly, something is going on behind the scenes," the analysis suggested, highlighting the uncertainty surrounding potential US response measures.
【Market Data】BTC/USD found support above $102,000 despite the volatility, while the S&P 500 showed similar cautious trading patterns in early June sessions.
Independent analyst Filbfilb expressed concerns about risk assets, stating: "Markets look like they are struggling to me, with gold looking strong & tensions with Russia escalating." However, the analyst maintained a long-term bullish stance on Bitcoin, suggesting the cryptocurrency could outperform stocks if bullish momentum returns.
——"This is one of the most beautiful monthly closes you could wish for $BTC,"—— trader Moustache commented regarding Bitcoin's May performance, which marked its highest-ever monthly close despite the recent pullback.
Market participants anticipate potentially muted price action in the coming weeks. Trading firm QCP Capital projected a $100,000-$110,000 trading range absent new volatility catalysts, noting: "This signals expectations for muted price action in the near term."
Popular trader Daan Crypto Trades analyzed historical patterns, suggesting the first week of June might present fading opportunities before establishing a clearer trend. The analyst expressed no strong directional bias for the month overall.
Despite the pullback, Bitcoin maintained key support levels near its late-2024 highs. The weekly chart showed strong technical foundations, with some traders dismissing the recent dip as normal market fluctuation within an overall bullish trend.
【Key Support】Analysts identified the $102,000 level as critical support, with the $100,000 psychological barrier serving as additional protection against deeper corrections.
As geopolitical developments continue to influence global markets, cryptocurrency traders remain watchful for both risks and opportunities in the evolving landscape. The coming weeks may prove decisive in determining whether Bitcoin can sustain its record-breaking performance or enter a consolidation phase.