Bitcoin price risks $29K ‘nosedive’ as Wall Street opens with fresh losses

Bitcoin (BTC) lost bullish momentum at the June 1 Wall Street open as United States equities faced another day of retracement.

Zooming out, “nothing” has changed

Data from Cointelegraph Markets Pro and TradingView captured a sharp U-turn for BTC/USD at the start of trading, $1,600 in three hours.

At the time of writing, the pair traded at around $30,400, giving back the past days’ gains.

For Cointelegraph contributor Michaël van de Poppe, $29,000 was now on the radar after support levels refused to cushion Bitcoin’s initial fall.

“Very simple, Bitcoin needs to hold here to have a test at $33K area possible,” he tweeted as BTC/USD reached $31,150.

“If not, this is going to nosedive quite fast to $29K range.”

The mood down surprised hardly anyone despite the recent show of strength and trip to two-week highs. 

$BTC / $USD – Update

My target has been $22,000 – $24,000 for nearly two months now and that isn’t changing due to this small pump. Zooming out what has changed .. Nothing pic.twitter.com/eKNAyT2pO3

— Crypto Tony (@CryptoTony__) June 1, 2022

Fellow account Blake noted ongoing weakness in stocks, with which Bitcoin has been highly correlated, as a sign not to believe that the bottom was in for crypto assets.

“This SPX situation is a big part of why I don’t consider this a “buy the dip” moment for crypto & Bitcoin,” he told followers on the day. 

“I’m going to let the markets do their thing for a bit…”

The S&P 500 traded down 1.1% after the first three hours’ trading, as did the Nasdaq Composite Index.

Attempting to find some more positive chart features, meanwhile, Filbfilb, co-founder of trading suite Decentrader, pointed to historical patterns seen during Bitcoin’s halving cycles.

Related: Bitcoin may hit $14K in 2022 but buying BTC now ‘as good as…