sweet home – Markets remain lackluster for the price of Bitcoin (BTC). As the weekend approaches, a major event may or may not work in favor of the bulls.
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The price of Bitcoin at $30,000 on the eve of a crucial meeting … or not
The price of Bitcoin forays below $30,000 today, June 9, 2022. The cryptocurrency is trades at $30,182 at the time of writing this article.
The markets are currently entitled to a doji. The indecision of traders and investors is thus reflected in the price of Bitcoin. The latter is however on the eve of a crucial meeting: the publication of the Consumer Price Index.
A rise in the CPI could be supportive for Bitcoin price. Cryptocurrency has indeed acquired the status of an inflation hedge asset for some investors.
However, this CPI for the month of May 2022 may not surpass that of April 2022. European data seems to show a slowdown in inflation. The economic situation in the United States could be similar, believes trader Michaël van de Poppe.
A Comfortable Home at $30,000: Stocks to Dislodge Bitcoin Price
The price of Bitcoin can therefore no longer systematically rely on inflation for a bullish rally. It could, however, benefit from the rises in the equity markets. The correlation between the SPX and the price of Bitcoin is indeed currently close to 1says Michaël van de Poppe.
Do the markets then expect the SPX and Bitcoin to rise or fall in the short term? Trader and analyst Pentoshi situates the price of cryptocurrency to $35,000. The next major correction would follow this ascent.
These forecasts are based on price fluctuations on the equity markets. However, they contrast with the current sentiment of some traders.
In fact, the routine with Bitcoin remaining around $30,000 can be boring. Trader Scott Melker ironically incidentally on the situation: the price of cryptocurrency “has apparently settled down and intends to live there [aux 30 000 $] for all time “
The $35,000 may be fueling hopes of a bullish rally for some. But between daily routine and exogenous market turbulence, the price of Bitcoin is struggling to return to $32,000.
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