bitcoin (BTC អ) wicked through $30,000 during June 9 as the Wall Street open revealed an ongoing stocks correlation.
Trader sees “relief” from US CPI print
ទិន្នន័យពី Cointelegraph Markets Pro និង ទិដ្ឋភាពពាណិជ្ជកម្ម showed BTC/USD threatening to head lower as the S&P 500 likewise opened with modest losses.
The pair had stayed in a tight range through June 8, this following episodes of volatility, which proved dangerous for long and short traders alike.
“The correlation between the $SPX and $BTC is again close to 1, it feels like,” Cointelegraph contributor Michaël van de Poppe tweeted on the day, summarizing the mood.
United States jobless claims data had little impact on markets, with the main event in the form of Consumer Price Index (CPI) data due June 10.
Van de Poppe predicted that the readout, which covers the month of May, would not beat the April figure, this coming after data from Europe hinted that inflation was already slowing ចុះក្រោម។
“Going into tomorrow; I think we’ll see the same from the U.S. which can benefit relief,” part of a further Twitter post អាន.
Fellow trader and analyst Pentoshi, meanwhile, predicted that BTC/USD could run to as high as $35,000 before entering its next major corrective phase, once more based on stock market movements.
While SPX has played out so far the lag on btc has been disappointing. Still feel we rally to 33-35 before new lows fwiw https://t.co/tuZ9Ah7zxd
— Pentoshi Flightless Bird (@Pentosh1) ខែមិថុនា 9, 2022
General sentiment, while low នេះបើយោងតាម to indicators, was one of frustration for seasoned market pundits.
“Bitcoin recently purchased a beautiful yet affordable home at a low-interest rate for 30 years in a quiet town called 30K. It apparently has settled in and intends to live there forever,” analyst and podcast host Scott Melker, known as the “Wolf of All Streets,” ប្រតិកម្ម to the current trend.
BTC/USD has focused on the $30,000 mark since May 9, its surrounding corridor broken only by the immediate aftermath of the ការបំផ្ទុះ Terra LUNA.
2018 vs. 2020 for BTC price, says analyst
Focusing on whether the current range would break up or down, meanwhile, opinions still varied widely.
ដែលទាក់ទង: Bitcoin នឹងបញ្ចប់ឆ្នាំ 2022 'រាបស្មើ អាចឡើង' អ្នកវិភាគនិយាយថា Saylor ភ្នាល់លើ $1M BTC
While some had previously called for a dive to as low as $14,000 or worse, others remained convinced that May was more characteristic of a macro floor.
Van de Poppe ពីមុនមក បានពិពណ៌នា predictions of $12,000 as “insane.”
Weighing the chances of either outcome, meanwhile, Twitter account Trader_J compared current price action to the 2018 bear market and cross-crypto crash of March 2020.
“$BTC is currently in the Bottom position of 2020. I have already said that it is exactly 2020. Maybe that’s the Bottom,” he បានប្រាប់ ដើរតាម។
“If it’s a Bear Market, like 2014–2018. Then there will be another crash. 2020 vs Bear Market.”
An accompanying chart showed Bitcoin’s Risk Metric, a tool ដាក់ចេញ by crypto quant analyst Benjamin Cowen, supporting the idea that lower levels were unlikely to enter.
ទស្សនៈនិងយោបល់ដែលបានបង្ហាញនៅទីនេះគ្រាន់តែជាទស្សនៈរបស់អ្នកនិពន្ធប៉ុណ្ណោះហើយមិនឆ្លុះបញ្ចាំងពីទស្សនៈរបស់ Cointelegraph.com ទេ។ រាល់ការវិនិយោគនិងការធ្វើពាណិជ្ជកម្មទាក់ទងនឹងហានិភ័យអ្នកគួរតែធ្វើការស្រាវជ្រាវដោយខ្លួនឯងនៅពេលធ្វើការសម្រេចចិត្ត។
Source: https://cointelegraph.com/news/bitcoin-stocks-correlation-feels-like-100-as-30k-btc-price-frustrates