BlockBeats News, June 2nd, Bitcoin fell to a low not seen since April 7th on Tuesday, with a single-day decline of over 4% and a cumulative drop of about 8% in the past 7 days. In stark contrast, the U.S. stock market continues to hit new all-time highs, with the S&P 500 index surpassing 7,600 points and the Nasdaq index breaking through 27,000 points, highlighting a further divergence in trend between the crypto market and traditional risk assets.

Andri Fauzan Adziima, Research Director at Bitrue Research Institute, stated that currently Bitcoin is almost the only asset in major asset classes experiencing a significant pullback, indicating that the market is viewing it as a high Beta risk asset being driven by macro risk sentiment rather than an independent hedge tool. However, he believes that this divergence is more likely a cyclical phenomenon, and once the macro environment improves, Bitcoin is still expected to regain relative strength.

On-chain analytics firm Santiment pointed out that the performance gap between the traditional stock market and the crypto market has become increasingly hard for investors to ignore. As the U.S. stock market continues to offer higher returns and lower volatility, some funds are flowing from the Bitcoin and altcoin markets to the stock market, creating a fund rotation effect. However, the firm also emphasized that when the market is filled with "stock FOMO, crypto FUD" sentiment, it often means that market expectations have started to overly skew in one direction, and historical experience shows that market trends often tend to oppose the expectations of the majority of investors.

From a technical perspective, Bitcoin is approaching the 200-week Exponential Moving Average (EMA) around the $69,000 range. This level has long been seen as a critical support level in the bull-bear cycle, and whether Bitcoin can hold this key level will be the market's focus.