Bitcoin Tests $62,000 for Third Time as MoneyGram Launches Stablecoin on Stellar

Bitcoin returned to $62,000 on 3 June 2026 — the third test of that level in under a week. Each time it has reached these depths, buyers have emerged to push the price back up, but each recovery has been shallower than the last. At the same time, MoneyGram launched its MGUSD dollar stablecoin on the Stellar blockchain, the latest signal that mainstream financial companies are embedding themselves into crypto infrastructure. This is where things stood on Wednesday 3 June.

Bitcoin’s Third Test of $62,000

Technical analysts pay close attention to price levels that are tested repeatedly. When an asset falls to a specific price, bounces, falls back to the same level, and bounces again, that level is considered a “support zone.” A third test is particularly significant because it either confirms the support is holding or signals that it is weakening.

Bitcoin reached $62,000 three times between 1 and 3 June 2026. On each occasion, buying activity pushed the price back toward $64,000-$65,000. However, the recoveries lost momentum each time. The first bounce carried Bitcoin back to $65,500. The second reached only $65,000. The third, on 3 June, stalled around $64,000.

This pattern of lower recovery highs is a concern for short-term traders. It suggests that buyers are becoming less aggressive at the support level, which can precede a breakdown. CoinDesk reported on 3 June that derivatives data showed prediction market traders pricing a 66% chance of Bitcoin falling below $55,000 before year-end.

What Is Keeping Bitcoin at These Levels

Several overlapping factors have compressed Bitcoin into the $62,000-$66,000 range during early June. The Strategy Bitcoin sale disclosed on 1 June broke the “never sell” narrative of one of Bitcoin’s most prominent institutional holders. Continued ETF outflows reduced buying pressure from the largest institutional access point for Bitcoin. Mt. Gox wallet movements raised ongoing supply fears.

Macro conditions also contributed. US inflation remained sticky, reducing Federal Reserve rate-cut expectations. A stronger dollar made dollar-priced assets like Bitcoin less attractive for international buyers, including UK investors using sterling.

On the positive side, Strategy’s actual Bitcoin position remains enormous. The company holds 843,706 BTC worth approximately $52 billion. Its average purchase price of roughly $68,000 means the company sits at an unrealised loss at current prices — but has not indicated any intention to sell further.

MoneyGram Launches MGUSD Stablecoin on Stellar

Against the bearish Bitcoin backdrop, the payments sector delivered significant news on 3 June. MoneyGram — one of the world’s largest money transfer operators, serving over 60 million customers — launched MGUSD, its native dollar stablecoin, on the Stellar blockchain.

MGUSD is a fully-backed dollar stablecoin, meaning each token is backed one-for-one by US dollar reserves held by regulated custodians. It will be used within MoneyGram’s network to enable near-instant dollar transfers between countries, replacing the slower and more expensive correspondent banking channels that currently underpin international money transfers.

The launch adds another significant real-world use case to Stellar’s growing portfolio alongside the DTCC tokenisation partnership announced earlier in the week. In under two weeks, Stellar has gone from a mid-tier blockchain to the platform of choice for two of the most consequential real-world financial applications in the crypto space.

Why Stablecoins Matter for UK Consumers

For UK consumers, stablecoins like MGUSD matter primarily through their impact on international money transfers. Sending money abroad — whether to family in South Asia, Africa, or Eastern Europe — currently involves fees that typically range from 3% to 8% of the transferred amount, plus exchange rate margins.

Stablecoin-based remittances can reduce these costs dramatically. MoneyGram’s network already touches most major remittance corridors. If MGUSD enables near-instant, low-fee transfers between its agents globally, UK migrant communities sending money home stand to benefit directly.

The FCA regulates UK money transmission businesses, and any MoneyGram service operating in the UK must comply with FCA requirements. MGUSD’s UK availability will depend on regulatory clearance, but the direction of travel is clear: stablecoins are entering mainstream payments infrastructure.

What the Bitcoin RSI Is Saying

Bitcoin’s Relative Strength Index (RSI) — a momentum indicator that measures whether an asset is oversold or overbought — was in oversold territory on 3 June, reading below 30 on the daily chart. Readings below 30 historically indicate that selling pressure may be exhausted, creating conditions for a potential reversal.

CoinDesk reported that several crypto analysts cited the RSI as grounds for cautious optimism, while noting that oversold conditions can persist for extended periods in bear markets. An RSI recovery toward 50 without a sustained price breakdown would be a positive signal.

For UK investors interpreting these technical signals: RSI readings are useful as one input but should not be used in isolation. The fundamental backdrop — ETF outflows, macro pressure, Mt. Gox supply risk — matters as much as any single technical indicator.

XLM Pulls Back After Its Rally

Stellar’s XLM, which had surged 80% earlier in the week, began pulling back on 3 June. The token fell from a high near $0.30 toward $0.22-$0.25 as traders took profits after the initial DTCC announcement excitement faded.

The pullback was broadly expected. After a short squeeze of $34 million and a 900% volume spike, some normalisation was inevitable. The question is whether XLM holds above its pre-announcement price of $0.15 or retraces further.

Long-term holders who bought before the DTCC announcement have substantial paper gains and face the classic dilemma: take profits now or hold for the 2027 platform launch. Short-term traders who chased the rally above $0.28 face potential losses if the pullback extends.

What This Means for UK Investors

The 3 June picture for UK crypto investors was one of cautious positioning. Bitcoin’s repeated tests of $62,000 create uncertainty about whether support will hold, while positive fundamental developments — MoneyGram’s MGUSD, the Coinbase CFTC ruling — remind investors that the underlying infrastructure is maturing.

The divergence between Bitcoin’s price weakness and the positive news flow from the wider crypto ecosystem is a recurring feature of bear cycles. Structural adoption milestones — institutions selecting public blockchains, stablecoin launches by major payment companies — typically precede price recovery rather than coinciding with it.

For UK investors: this is not a recommendation to buy or avoid. It is a reminder that crypto market cycles require a longer time horizon than most retail investors expect. Positions sized to survive a further decline to $55,000 without being forced to sell are better positioned than those using leverage or money needed in the short term.

This article is for educational purposes only and does not constitute financial advice. Cryptocurrency investments involve significant risk. Always do your own research.