Bitcoin falls to 2-month low as divergence from equities widens

Source: CoinTelegraph
Published: Jun 2, 2026
Ingested: 2026-06-02T10:12:01Z

Bitcoin fell to its lowest level in almost two months on Tuesday as cryptocurrencies continue to diverge from traditional equity markets.

Bitcoin (BTC) fell to a low of $70,023 on Coinbase early on Tuesday, its lowest level since April 7, marking a daily decline of more than 4% and a weekly loss of 8%, according to TradingView. Bitcoin is down 44% from its October peak of $126,000.

US stock markets such as the S&P 500 have meanwhile hit a record high of just over 7,600 points on Monday, while the tech-heavy Nasdaq peaked at over 27,000 points.

Andri Fauzan Adziima, research lead at Bitrue Research Institute, told CoinTelegraph that some analysts have noted that Bitcoin is the only major asset in contraction right now: "It shows Bitcoin is trading more like a high-beta risk asset tied to macro sentiment rather than an independent hedge."

Analytics platform Santiment said "the gap between traditional equities and crypto has become increasingly difficult for traders to ignore," noting the divergence has led to a growing preference among investors for stocks over crypto. However, Santiment said this pattern won't last forever, as "mainstream influencers" discussing stock dominance is often a sign the crowd has leaned too far.

Bitcoin is approaching a major long-term resistance level at the 200-week exponential moving average (EMA), currently around $69,000.