It was one Sunday too much to ask after all, as the Bitcoin bulls were unable to maintain a consecutive weekend of strong price rallies, with Bitcoin price just managing to hold at around USD 8,415 (7:15 am UTC, CoinDesk) as it threatens to test the current support level at USD 8,360.
However, developments in other capital and asset markets around the world suggest that Bitcoin is merely experiencing a worldwide ripple effect, as the day opens with a negative outlook in oil and precious metals as the US-China trade war intensifies. Market analyst Holder Zschaepitz points out how most indices in the Asia and Pacific posted minor losses as speculators price in a 50% chance of a US Federal Reserve interest rate cut by July.
Global mkts have started the week on negative footing & oil extends slide as trade wars stoke global recession anxiety. Crude oil tumbled 16% in May. Shanghai copper at 2y low. Treasuries flat w/US 10y yield at 2.13%. Mkts price in 50% chance of Fed cut by Jul. Bitcoin at $8.6k. pic.twitter.com/C9ARFJriTS
— Holger Zschaepitz (@Schuldensuehner) June 3, 2019
In the past 24, hours, after a surge on a strong weekend, Bitcoin had in fact managed to stay mostly above USD 8,700 and created a high at USD 8,830, but just two hours ago in midday Asian markets, a tumble ensued from USD 8,688 to its current levels as profit taking and selling off took charge.
It has not typically been the pattern in the past few weeks, although Central Europe waking up could be one reason, with businesses and institutional traders taking the time to book in orders for the first trading day of the month.
Downside thrust will likely persist for the remainder of that time zone, however, where Bitcoin goes from here is anyone’s guess, even if most bulls on social media at least will not have their faith shaken so easily. Crypto influencer Anthony Pompliano of the Off the Chain podcast at least is promising to “drop the HEAT” in a letter to investors tomorrow and it smacks of bullish sentiment.
I’m dropping absolute HEAT in tomorrow’s letter to our investors.
I will be making it free to read for anyone on the email list.
Subscribe…you’re not going to want to miss this one
https://t.co/iL4CjI6l0s
— Pomp
(@APompliano) June 3, 2019
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