Bitcoin is approaching $60,000 at a dangerous moment for risk appetite

Bitcoin is trading at its lowest levels since mid-May after a decline in Europe that was only suspended by quotes in the $60,600 area.

First of all, Bitcoin is very technical, and it is worrying that it was not able to break through the $72,000 level and form a top instead. If we break $60,000 and perhaps $57,000, that would leave an ugly pattern with a target below $50,000.

Bitcoin is often a leader in risk sentiment, although it is more about the day than days ahead of broad risk sentiment. However, it is definitely associated with risky assets. The last bottom came in late October 2023, which is exactly when stocks hit bottom.

The Bitcoin chart remains the same with the Russell 2000 and its inability to break higher.

The S&P 500 rose but only a few AI stocks did.