Bitcoin ($BTC) struggled to maintain its price above $58,000 on Tuesday as the US dollar hit a 40-year high against the yen. The cryptocurrency has been under pressure in recent days due to its divergence from US stocks, which have seen significant gains in the second quarter.
According to data from TradingView, the $BTC/USD price fell towards $58,000 during the US session, with volatility increasing as a result. This decline is forcing top buyers to capitulate, according to analysis.
The strength of the US dollar has increased the odds of Japanese government intervention to support the yen, which could have negative implications for Bitcoin. Analysts warn that those who bought $BTC around all-time highs are now selling at a loss, with exchange inflows rising sharply in recent days.