Bitcoin Crashes to Its Lowest Since March Under $64K

Bitcoin Crashes to Its Lowest Level Since March

Bitcoin is the epicenter of the cross-asset move into Thursday. Bitcoin trades approximately $63,757, sliding to its lowest level since March after dipping as far as $61,325 intraday, extending a rout that has erased more than 13 percent in a week per the TradingView tape and Bitcoin.com News. The driver is the same record institutional exodus we flagged in our June 3 morning analysis: US spot bitcoin ETFs have logged their longest run of net redemptions on record, draining roughly $3.45 billion across the streak, and a reported large corporate treasury sale piled more supply onto a thin bid. The renewed Middle East escalation and a firmer rate outlook are compounding the de-risking. Ethereum trades approximately $1,778, down about 3.5 percent over 24 hours and back under $1,800, the laggard among the majors. Reference structure: with the March pivot now in play, the $61,000 area is the zone structural buyers are watching; a reclaim of $67,000 would be the first sign the breakdown is repairing.

Wall Street Snaps a Nine-Day Win Streak

The record run finally paused. The S&P 500 closed June 3 down about 0.74 percent near 7,553, snapping a nine-day winning streak, while the Dow Jones Industrial Average fell 620.72 points, or 1.21 percent, to 50,687.07 and the Nasdaq Composite slipped about 0.89 percent to near 26,853 per CNBC. The trigger was a sharp pickup in Middle East tension after Iran launched missiles at Kuwait and Bahrain, a jump in oil prices and a back-up in Treasury yields that together pressured risk appetite. The Russell 2000 led the declines, off more than 1 percent, as the tape rotated away from the high-beta names that powered the spring rally. The pullback is the first real wobble since stocks printed a record close above 7,600 only two sessions earlier, as covered in our June 3 analysis. Reference structure: the broader uptrend stays intact while the S&P holds the 7,500 round number; a daily close back above the 7,610 record would signal the pullback has run its course, while a loss of 7,500 opens the prior consolidation shelf.

Broadcom Slides as a Strong Quarter Fails to Lift AI Guidance

Broadcom is the single most important stock story of the session. The chipmaker reported record fiscal second-quarter revenue of about $22.19 billion, up roughly 48 percent year over year on surging AI semiconductor demand, and guided third-quarter revenue to about $29.4 billion per StockTitan and CNBC. The problem was the AI line. CEO Hock Tan reiterated rather than raised the full-year outlook for AI semiconductor revenue, holding it above $100 billion, and that decision not to lift the number disappointed a market priced for an upgrade. Shares fell roughly 6 percent after hours and extended losses into Thursday, a reminder that the AI trade now demands ever-higher guidance to keep the tape moving. Reference structure: the stock's reaction is the key sentiment gauge for the chip complex; a stabilization would steady the Nasdaq, while continued weakness would weigh on the AI cohort that has led the market all year.

Oil Climbs a Third Session as US-Iran Tension Builds

Crude is rebuilding its war premium. WTI front-month crude trades approximately $95.68, up for a third straight session and pushing toward the $96 area, after Iran's missile strikes on Kuwait and Bahrain raised fresh fears for Gulf supply and as US-Iran talks showed little progress per Trading Economics. A supportive inventory print added to the bid, with industry data showing US crude stockpiles fell by about 6.8 million barrels last week. The move keeps an energy-driven inflation premium embedded across markets, the same impulse now feeding higher Treasury yields and the firmer rate outlook that is pressuring both stocks and crypto. Reference structure: the premium holds while WTI stays above the $92 zone; a sustained push through $96 keeps the structure pointed at the prior highs, while a credible de-escalation headline would soften the bid back toward the low $90s.

Gold Steadies Above $4,450 as Rate-Hike Bets Firm

Spot gold trades approximately $4,461, up about 0.6 percent on the session and steadying after slipping below $4,500 on June 3 per Trading Economics. The metal is caught in a tug-of-war. The live Middle East conflict keeps a safe-haven bid underneath, while growing expectations that central banks may need to keep rates higher for longer, after the energy shock reaccelerated inflation, cap the upside for the non-yielding asset. That cross-current has held gold rangebound in the mid-$4,400s even as equities wobble and crypto breaks down. Reference frame: gold structural support sits near the $4,424 zone from this week's range; a sustained hold above $4,460 keeps the structure firm toward the prior highs, while a clean loss of $4,424 opens room lower.

What to Watch: May Jobs Report, FOMC, War Headlines

June 4 sits one day ahead of the week's marquee release. The single most important event is Friday's May employment report on June 5, the macro decider for a market trying to read whether central banks tilt toward keeping rates higher for longer after the energy-led inflation pickup. Thursday's lighter docket includes first-quarter productivity data, Challenger job cuts and earnings from Lululemon, Ciena and Planet Labs, all read as warm-ups to payrolls. Layered on top is the live geopolitical wire: every headline on the US-Iran exchange and Gulf shipping can swing oil and, by extension, the inflation outlook for the back half of the year. The bitcoin ETF outflow streak remains the dominant crypto driver, testing whether the $61,000 area holds. The next major macro event after payrolls is the June 16-17 FOMC meeting. Traders will also watch whether the AI cohort can steady after the Broadcom reaction sets the tone for the chip complex.

This analysis is published for general market education. ThriveInMarkets is a market commentary publisher and does not provide personal investment advice. Price levels referenced are technical reference points, not instructions to transact. Verify all prices on your own platform before any decision.