Bitcoin ($BTC) The stock tumbled towards $58,000 by early Wall Street trading on Tuesday as the clock ticked towards a brutal quarterly close.
Important points:
- U.S. stocks’ second-quarter rally has significantly outpaced Bitcoin as bulls brace for losses of nearly 20%.
- Bitcoin faces new pressure from the risk of the Japanese government’s move to support the yen.
- $BTC Analysis shows that low prices are forcing top buyers to capitulate.
Amidst the first dollar/yen appreciation in 40 years, Bitcoin is “getting tougher”
TradingView data showed that the downside is gaining ground as volatility builds heading into U.S. trading.
$BTC/USD 1 hour chart. Source: Cointelegraph/TradingView
With the support of $60,000 increasingly looking lost, commentators expected the battle between bulls and bears to continue in the short term.
Commenter Exitpump wrote, “Open interest is pumping up and I’ve noticed some big longs coming in on this drop. It’s going to get tough from here on out.” fresh analysis With X.
$BTC/USD order book data. Source: Exitpump/X
Trader Kira noted a repeating weekly price pattern where Monday forms the next week’s low or high price movement.
“$BTC It will remain stable in this price range. The lows are slightly higher, but the highs are similar,” trader Daan Crypto Trades continuation.
“Watch which direction breaks first. Seeing how compressed this is, I think it should be followed by a quick move.”
$BTC/USDT 1 hour chart of perpetual contract. Source: Daan Crypto Trades/X
As a result, Bitcoin has increasingly diverged from US stocks, with total losses in the second quarter reaching nearly 20%.
In contrast, trading source Kobeissi Letter noted that the S&P 500 rose 14% sequentially, marking its best performance since 2020.
“This would be the second largest quarterly increase since the recovery from the 2008 financial crisis,” the company added. ×post Along with data from Bloomberg.
“At the same time, the Nasdaq 100 is up +25% and on track for its strongest quarter in five years. This would be the second-best quarterly performance for the Nasdaq 100 in the past 25 years.”
Comparison of US stock performance. Source: Kobeissi Letter/X
Kobessi said global stock market gains were “accelerating”, with the United States being the driving force.
Amid potential headwinds for cryptocurrencies, the US dollar hit a multi-decade high against the Japanese yen, raising the possibility of government intervention.
On this day, the dollar/yen exchange rate reached 162.50, the highest level since the mid-1980s.
This is the 12-month chart of USD/JPY. Source: Cointelegraph/TradingView
“Whether it’s Japan, India, Korea or MSTR, it’s the same problem,” said George Gammon, analyst and YouTube personality. summarized Become X followers on the day.
“You have dollar debt, but you don’t have enough dollars. So when you sell assets and get dollars, it puts downward pressure on your assets, whether it’s yen, rupees, won, or bitcoin.”
Bitcoin hodlers “seem to be cutting losses”
in new researchon-chain analytics platform CryptoQuant has warned of a new “capitulation” of Bitcoin investors.
Related: $BTC RSI price prints key signals for 2026: 5 things to know about Bitcoin this week
Contributor Crypto Sun Moon said that at the sub-$70,000 level, $BTC Stocks near all-time highs were now selling at a loss.
“Forex inflows have increased sharply since falling below $70,000, with the majority of this volume consisting of coins held for approximately 6-12 months, with coins likely accumulating near cycle highs,” they wrote in a QuickTake blog post.
“Holders appear to be cutting their losses rather than holding until the drawdown, and this pattern is consistent with the capitulation of buyers at the top of the cycle.”
Source: CryptoQuant
CryptoQuant data showed that the coin, which hovered near all-time highs, is increasingly involved in on-chain activity as exchange inflows increase.
“For some, this will be a painful development. That said, this type of capitulation event among investors at the top of the cycle has historically coincided with long-term bottom formation, a pattern we observed in both the 2018 and 2022 cycles,” Crypto Sun Moon added.
