Bitcoin Maintains Tight Range-Bound Momentum as Correlation with Stocks Strengthen
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According to data from Cointelegraph and TradingView, the benchmark cryptocurrency could enter a bearish resumption as the S&P 500 began the day on the back foot. Prominent analyst Michaël van de Poppe tweeted: “the correlation between the $SPX and $BTC is again close to 1, it feels like.”
That said, some spectators warn that Bitcoin’s persistence to remain in a tight range poses significant trading risks for both long and short trades in the near term.
Jobless claims report from the US had no effect on the markets on Thursday, as traders await the US Consumer Price Index (CPI) data slated for release tomorrow.
Van de Poppe believes that the CPI report for May would not beat April’s numbers, as data from Europe suggests that inflation was starting to slow down. He tweeted: “Going into tomorrow; I think we’ll see the same from the US, which can benefit relief.”
Another prominent crypto analyst noted that he saw BTC swinging as high as $35K in the near term before starting on a major corrective path. However, Pentoshi added that this projection is based on movements seen in the stock market.
Key Bitcoin Levels to Watch — June 9
As mentioned earlier, Bitcoin continues to trade within a tight range within the lower-$30K axis as the crypto market remains in a state of oblivion.
I expect to see a sideways continuation ahead of tomorrow’s US CPI report, which should spark some momentum in the markets as we head into the close of another fruitless week. In the meantime, any bearish momentum should get repelled by the $29.5K support line or, if that fails to hold, the $28.7K pivot base.
Meanwhile, my resistance levels are at $30,400, $30,300, and $31,000, and my key support levels are at $29,500, $29,000, and $28,000.
Total Market Capitalization: $1.24 trillion
Bitcoin Market Capitalization: $575.3 billion
Bitcoin Dominance: 46.4%
Market Rank: #1
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