Bitcoin stocks correlation ‘feels like’ 100% as $30K BTC price frustrates

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Bitcoin (BTC) was rogue through $30,000 during June 9 as the Wall Street Open revealed the stock’s ongoing correlation.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Trader sees “relief” from US CPI print

Data from Cointelegraph Markets Pro and TradingView shows BTC/USD is in danger of a downside correction as the S&P 500 also opens with minor losses.

The pair remained in a tight range until 8 June after the following episodes of volatility, which proved dangerous for long and short traders alike.

“The correlation between $SPX and $BTC is close to 1 again, it seems,” Cointelegraph contributor Michael van de Pope tweeted On the day, summarizing the mood.

United States jobless claims data had little effect on the markets, with the main event set for June 10 in the form of consumer price index (CPI) data.

Van de Poppe predicted that the readout covering the month of May would not beat the April figure, coming after data from Europe indicated that Inflation was already coming down.

“Going in tomorrow; I think we’ll see from the US that can bring relief,” part of another Twitter post Reading,

Meanwhile, fellow trader and analyst Pentoshi predicted that BTC/USD could move towards $35,000 before entering its next major corrective phase, once again based on stock market movements.

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The general sentiment, while low as per the indicators, was a disappointment for experienced market pundits.

“Bitcoin recently bought a beautiful yet affordable house at a low interest rate for 30 years in a quiet town called 30K. It has clearly settled down and intends to be there forever,” analyst and podcaster Host Scott Melker, better known as “The Wolf”. of all roads, reacted for the current trend.

BTC/USD has been focused on the $30,000 mark since May 9, with the corridor surrounding it broken shortly after the Terra Luna explosion.

BTC/USD 1-Day Candle Chart (Bitstamp). Source: TradingView

2018 vs 2020 for BTC Price, Says Analyst

Concerning whether the current range will break or bottom, meanwhile, opinions still differ widely.

RELATED: Bitcoin Will End 2022 ‘Flat, Possibly Up’, Analyst Says Sayer Bet on $1M BTC

While some had previously called for a dive to $14,000 or less, others were convinced that May was more characteristic of a macro floor.

Van de Poppe did the first described Prediction of $12,000 as “crazy”.

Meanwhile, citing the possibility of any consequences, Twitter account Trader_J compared the current price action to the 2018 bear market and the March 2020 cross-crypto crash.

“$BTC is currently at a 2020 low. I have already said that it is precisely 2020. Maybe it is a bottom,” he said. Told Follower.

“If it’s a bear market like 2014-2018. Then there will be another crash. 2020 vs. bear market.”

The accompanying chart shows the risk metric of bitcoin, a tool devised by crypto quant analyst Benjamin Cowen, which supports the idea that lower levels are unlikely to enter.

BTC/USD annotated chart with risk metrics. Source: trader_j/twitter

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, so you should do your own research when making a decision.