⚠️ Bitcoin Struggles to Hold Ground Near 2024 Highs
Bitcoin (BTC) began June on uncertain footing, dipping below $104,000 as geopolitical tensions between Russia and Ukraine rattled investor confidence. While BTC had previously hit a record high of $112,000, it has now seen a decline of about 8%, according to Cointelegraph and TradingView.
🌍 Geopolitical Woes Spill into U.S. Markets
U.S. stock markets opened cautiously amid renewed concerns over stalled peace negotiations in Europe. The Kobeissi Letter highlighted growing anxiety over a potential collapse of diplomatic progress, noting the lack of response from President Trump as a key signal of behind-the-scenes developments.
“This is effectively the market pricing-out the Russia-Ukraine peace deal that President Trump has been working on for 3+ months.” — Kobeissi Letter
🧠 Analyst Sentiment: Mixed Reactions Across the Board
Prominent crypto analyst Filbfilb expressed concern, citing gold's strength and escalating tensions as indicators of a potential risk-off environment. However, he maintained that Bitcoin still holds long-term bullish potential.
Others, including trader Jelle, dismissed the pessimism, suggesting the market may be overreacting to a retest of local lows.
“This is one of the most beautiful monthly closes you could wish for $BTC.” — Moustache
🕰️ Looking Ahead: Expect "Muted" Price Action
While the volatility has been noticeable, firms like QCP Capital predict a sideways trading range, suggesting Bitcoin may remain within the $100,000 to $110,000 corridor unless a new catalyst emerges.
“Volatility on the frontend has steadily compressed, and risk reversals have begun to normalise.” — QCP Capital
Popular trader Daan Crypto Trades offered a tactical view for early June: watch for a local reversal and fade the trend thereafter.
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🧐 Final Thoughts
Bitcoin's early June dip might feel like a setback, but traders remain divided. With strong underlying support near $102K and a historical pattern of early-month reversals, BTC could still swing in either direction. For now, caution and flexibility remain the name of the game.