Key Points:

• As the US stock market digests the escalating European tensions, Bitcoin is expected to maintain near its historical high point from the end of 2024.
• After BTC/USD dropped 8% from its latest record of $112,000, traders have shed market anxiety.
• The market may remain flat in June without other market catalysts.

As tensions between Russia and Ukraine return to the market, Wall Street opened on June 2nd seeking to retest the 2024 highs.

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

Bitcoin Price Fluctuates as Bulls Compete for 2024 Peak

Data from Cointelegraph Markets Pro and TradingView shows BTC/USD falling below $104,000.

The US stock market opened cautiously, influenced by expectations of geopolitical turmoil. Kobeissi Trading Resources' letter commented that the current situation's uncertainty is undoubtedly highlighted.

"This is essentially the market pricing out the Russia-Ukraine peace agreement that President Trump has been working on for over three months," the report wrote in its ongoing coverage on X, referring to former US President Donald Trump's goal of stopping the conflict.

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

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

The crypto voice also shares similar concerns, with independent analyst Filbfilb predicting negative outcomes for risk assets.

He told his X followers that day: "In my view, the market is struggling, gold is performing strongly, and the escalating tensions with Russia make me suspect there might be selling today and in early June."

Filbfilb predicted that if the stock market finds a new bullish momentum, Bitcoin "might perform excellently," adding that BTC remains "bullish" in the long term.

Some traders share this view, including famous trader Jelle, who suggested the reaction to the current retest of local lows is overly pessimistic.

Others praised the monthly candle close in May, which, though not drawing much attention, ultimately set a new all-time high for Bitcoin.

"This is one of the most beautiful monthly closes for $BTC you can imagine," trader Moustache responded.

BTC/USD weekly chart. Source: Moustache/X

Bitcoin Price Trend Expected to be "Mild"

Looking forward, market participants have not yet made a decision - they unanimously believe that after recent volatility, BTC/USD might need a period of sideways trading.

Trading company QCP Capital wrote in its latest announcement to Telegram channel subscribers: "Despite high volatility, BTC remains above $102,000, proving underlying support. Front-end volatility has steadily compressed, and risk reversal has begun to normalize across various terms."

"This indicates an expected mild price movement in the short term."

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

Meanwhile, popular trader Daan Crypto Trades sought clues from previous monthly opening behaviors.

"I think the trend in the first week or so will likely gradually weaken after seeing initial signs of local reversal. If so, I will maintain this trend for the rest of the month," an X post on the topic wrote.

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

BTC/USDT Perpetual Contract 1-day chart. Source: Daan Crypto Trades/X