The Russia-Ukraine crisis has angered the US stock market, and the Bitcoin price has fallen below $104,000.

Written by: William Suberg

Compiled by: white55, Mars Finance

Key points:

As the US stock market digests the escalating tensions in Europe, Bitcoin will maintain near its historical highs starting from the end of 2024.

After a drop of 8% from the latest record of $112,000, traders have shed their anxiety in the market.

If there are no other market catalysts, the market may remain flat in June.

As tensions between Russia and Ukraine return to the market, Wall Street seeks to retest the 2024 highs at the opening on June 2.

BTC/USD 1 hour chart. Source: Cointelegraph/TradingView

Bitcoin prices fluctuate as bulls vie for 2024 peak

Cointelegraph Markets Pro and TradingView data show that BTC/USD has dropped below $104,000.

Affected by expectations of geopolitical turmoil, the US stock market opened cautiously. A letter from trading resource company Kobeissi commented that the current situation's uncertainty is undoubtedly prominent.

"This essentially reflects the market pricing that excludes the peace agreement between Russia and Ukraine that President Trump has been working on for more than three months," the report wrote in its ongoing coverage on X, referring to the goal of U.S. President Donald Trump to stop the conflict.

However, we have not yet received any comments from the United States or President Trump. Clearly, something is happening behind the scenes. How will the United States respond?

S&P 500 Index 1-hour chart. Source: Cointelegraph/TradingView

The voice of cryptocurrency also shares similar concerns, with independent analyst Filbfilb predicting adverse outcomes for risk assets.

He expressed to X's fans that day: "In my view, the market is struggling, gold is performing strongly, and the escalating tensions with Russia make me doubt that there may be a sell-off today and in early June."

Filbfilb predicts that if the stock market finds new bullish momentum, Bitcoin "could perform exceptionally well," adding that BTC "remains bullish in the long term."

Some traders also share this view, including the famous trader Jelle (Jelle), who suggests that the reaction to the current retest of local lows is overly pessimistic.

Others praised the monthly candle closing price in May, which, despite not attracting too much attention, ultimately set a new historical closing price for Bitcoin.

"This is one of the most beautiful monthly closing prices for $BTC that you can imagine," replied trader Moustache.

BTC/USD One Week Chart. Source: Moustache/X

Bitcoin price trend is expected to be "mild".

Looking ahead, market participants have yet to make a decision - they unanimously believe that after recent fluctuations, BTC/USD may need a period of sideways trading.

The trading company QCP Capital stated in its latest announcement sent to Telegram channel subscribers: "Despite the high volatility, BTC still hovers above $102,000, which proves the potential support level. Front-end volatility has steadily compressed, and risk reversals have begun to normalize across various tenors."

"This indicates that the price trend is expected to be stable in the short term."

Without further volatility catalysts, QCP has given a price range of $100,000 to $110,000.

At the same time, popular trader Daan Crypto Trades looks for clues from previous monthly opening behaviors.

"I believe that the trend in the first week is likely to gradually weaken after seeing initial signs of a local reversal. If this is the case, I will stick to this trend for the remainder of the month," wrote X in a post on the topic.

Daan Crypto Trades stated that the overall market in June "strongly tends towards either direction."

BTC/USDT perpetual contract 1-day chart. Source: Daan Crypto Trades/X