Bitcoin price risks drop below $58K as US dollar hits 40-year high against yen
Bitcoin fell toward $58,000 at the US open as quarterly losses deepened and $60,000 weakened as support. Short-term traders saw compressed price action and expected a sharp move once price broke out, with rising open interest and aggressive longs on the dip. BTC continued to underperform US equities: Q2 losses were nearing 20% while the S&P 500 and Nasdaq 100 posted strong quarterly gains. A multidecade high in USD/JPY added pressure, signaling broader dollar-strength stress that can force asset sales. Onchain data from CryptoQuant suggested capitulation: exchange inflows rose sharply after BTC broke below $70,000, driven mainly by coins held 6–12 months and likely bought near cycle highs. This loss-taking by cycle-top buyers has historically occurred near major long-term bottoms.
