Bitcoin (BTC) showed strength at the Wall Street open on June 8 as impatient traders waited for a trend to emerge.
Bitcoin is still in the “no trade zone”
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.
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.
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.
little interest in $BTS until one of these levels is violated. At this moment, we are watching either for a continuation, or for the re-entry of the price into the range. If entering the range again, I expect the other side to fail and continue in that direction (as shown). I’m leaning towards the left picture. pic.twitter.com/d5JgsAM4LR
— Crypto Chase (@Crypto_Chase) June 7, 2022
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.
This June 10th CPI report is going to be very interesting.
> 8.3%, short-term decline in all markets (bearish)
8% – 8.3%, slight reset or pump (Neutral)
< 8%, short-term pump of all markets (bullish)#Bitcoin #Crypto
— Plan©️ (@TheRealPlanC) June 7, 2022
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.
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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.
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.
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.
The third largest currency in the world is falling off a cliff against the US dollar.
Make no mistake. This is the fate that awaits every fiat currency in relation to the US dollar, and ultimately the fate of the US dollar in relation to the US dollar. #Bitcoin pic.twitter.com/vZkN6Uyl5e
— Stack Hoedler (@stackhodler) June 8, 2022
“It turns out that the monetary experiment in Japan is not going too well,” analyst Jan Wüstenfeld. answered.
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Credit : cointelegraph.com