Bitcoin worth dips below $104K as Russia-Ukraine woes rile US shares

Key factors:

• Bitcoin stays close to its previous all-time highs from late 2024 as US shares digest elevated tensions in Europe.

• Merchants shrug off market nerves after BTC/USD drops 8% versus its newest report of $112,000.

• June might find yourself flat with out one other market catalyst.

Bitcoin (BTC) sought a retest of 2024 highs on the June 2 Wall Avenue open as Russia-Ukraine tensions returned to the market.

Bitcoin wobbles as bulls battle for 2024 peak

Information from Cointelegraph Markets Professional and TradingView confirmed BTC/USD falling beneath $104,000.

US shares opened cautiously amid expectations of geopolitical volatility to return. Commenting, buying and selling useful resource The Kobeissi Letter underscored the uncertainty of the present state of affairs.

“That is successfully the market pricing-out the Russia-Ukraine peace deal that President Trump has been engaged on for 3+ months,” it wrote in a part of ongoing X protection, referring to US President Donald Trump’s goals to halt the battle. 

“Nonetheless, now we have but to obtain a single remark from the US or President Trump. Clearly, one thing is happening behind the scenes. How will the US reply?”

Crypto voices had related considerations, with impartial analyst Filbfilb predicting an undesirable end result for threat property.

“Markets appear like they’re struggling to me, with gold trying robust & tensions with Russia escalating lead me to suspect promoting right this moment on the playing cards & for the beginning of June,” he informed X followers on the day.

Filbfilb predicted that ought to shares discover recent bullish momentum, Bitcoin would “in all probability outperform” in consequence, including that BTC “nonetheless seems to be bullish” long run.

Some merchants shared that view, amongst them widespread dealer Jelle, who implied that reactions to the present retest of native lows have been overly bearish.

#Bitcoin nonetheless hovering on prime of native help.

Timeline & particularly my remark part appears stuffed with concern and giving up.

Calm down. pic.twitter.com/BkgYVQCSzr

— Jelle (@CryptoJelleNL) June 2, 2025

Others complimented the Might month-to-month candle shut, which ended up as Bitcoin’s highest ever — albeit to little fanfare.

“This is among the most lovely month-to-month closes you may want for $BTC,” fellow dealer Moustache responded.

“Muted” BTC worth motion anticipated

Wanting forward, market individuals have been undecided — after current volatility, they agreed, BTC/USD may want a sideways buying and selling interval.

Associated: $100K retest vs highest month-to-month shut ever: 5 issues to know in Bitcoin this week

“Regardless of the volatility, BTC continues to hover above $102k, a testomony to underlying help. Volatility on the frontend has steadily compressed, and threat reversals have begun to normalise throughout tenors,” buying and selling agency QCP Capital wrote in its newest bulletin to Telegram channel subscribers.

“This alerts expectations for muted worth motion within the close to time period.” 

QCP gave a $100,000-$110,000 worth hall going ahead within the absence of additional volatility catalysts.

Widespread dealer Daan Crypto Trades in the meantime seemed to earlier month-to-month opening habits for clues.

“I feel there is a good probability that the primary week or so is probably going a transfer that may be pale upon seeing the primary indicators of an area reversal. If so, I’ll persist with that pattern for the rest of the month,” a part of an X submit on the subject learn.

Daan Crypto Trades expressed “robust bias in direction of both course” for June as a complete.

This text doesn’t include funding recommendation or suggestions. Each funding and buying and selling transfer includes threat, and readers ought to conduct their very own analysis when making a call.