Bitcoin (BTC) showed strength at the Wall Street open on June 8 as impatient traders waited for a trend to emerge.

Hourly candlestick chart BTC/USD (Bitstamp). Source: Trading View

Bitcoin is still in the “no trade zone”

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Data from Cryptooshala Markets Pro and trade view showed that BTC/USD jumped to almost $30,850 after the call opened, which helped regain some of the positions lost during the overnight correction.

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However, choppy trading conditions in a familiar range prevailed throughout the day, causing both long and short traders to face increased risk on lower timeframes.

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For popular trader Crypto Chase, it was best period to transfer value into “smart money” – away from small speculators and those with “weak hands”.

A previous Twitter post talked about holding back until a crucial level is broken.

Fellow Trader Crypto Tony argued this $29,700 should have been held as support for further upside entry momentum.

“The Simple Playing Field for Bitcoin,” by Cryptooshala contributor Mikael van de Poppe. added.

“Breakthrough of $31.5K = $32.8K and/or $35K. Support zones for long positions are probably $30K and another $29.3K. Between them = no trading zone.”

At the time of writing, stocks were flat and the latest US consumer price index (CPI) was 48 hours away.

Speaking about possible BTC/USD reactions, the PlanC Twitter account determined that between 8% and 8.3% had a “neutral” effect.

Japanese yen losses contrast with dollar weakness

In other macro commentary, the poor performance of the Japanese yen against the US dollar has once again caught the attention of crypto commentators.

— Could it be easier? Bitcoin whales dictate when to buy and sell BTC

Even though the US dollar index (DXY) failed to continue its rally above 20-year highs, the USD/JPY hit levels not seen since early 2002.

US dollar index (DXY) 1-hour candlestick chart. Source: Trading View

BTC/USD has been trading in more modest territory near local highs prior to the cryptocurrency’s May plunge, but is still far from its all-time high, as was the case with the dollar in November 2021.

1-day BTC/JPY candlestick chart (Bitflyer). Source: Trading View

The Central Bank of Japan continues its policy of quantitative easing, in contrast to the US and the European Union, which are seeking to reduce the balance sheet of their central banks.

“It turns out that the monetary experiment in Japan is not going too well,” analyst Jan Wüstenfeld. answered.

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