Bitcoin simply will not budge from its multi-week range, and morale is suffering as a result.
Bitcoin (BTC) wicked through $30,000 during June 9 as the Wall Street open revealed an ongoing stocks correlation.
Trader sees “relief” from US CPI print
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 down.
“Going into tomorrow; I think we’ll see the same from the U.S. which can benefit relief,” part of a further Twitter post read.
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 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 had previously described 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 told followers.
“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 devised by crypto quant analyst Benjamin Cowen, supporting the idea that lower levels were unlikely to enter.