Wall Street sends BTC price to $30.8K as latest US dollar uptick fails

Bitcoin (BTC), which was a result of impatient traders waiting for a trend, showed its strength at the Wall Street Open on June 8.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

Bitcoin is still “no trade area”

TradingView and Cointelegraph Markets Pro data showed that Bitcoin/USD rose to close to $30,850 shortly after the opening bell. This helped recover some of the ground lost during an overnight correction.

Although trading conditions were generally stable, short and long traders saw increased risk in the lower timeframes.

Crypto Chase, a popular trader, said that this was a prime time for value transfer to “smartmoney” — away from low-volume speculators or those with weak hands.

An earlier Twitter post argued for a hands-off approach up to a crucial level.

Until one of these levels has been breached, there is little interest in $BTC. We then watch for continuation or price to reenter range. If I re-enter range, then I expect the opposite side to fail and continuation in the same direction (as drawn). I lean towards the leftmost drawing. pic.twitter.com/d5JgsAM4LR
— Crypto Chase (@Crypto_Chase), June 7, 2022

Crypto Tony, a fellow trader, argued that $29 700 was needed to support further upward momentum.

“Simple playing field for Bitcoin,” Cointelegraph contributor Michael van de Poppe added.

Break through $31.5K = $32.8K or $35K. Longs support zones are likely to be $30K and $29.3K. In between = no trade zone.”

Stocks were flat at the time this article was written, and there are 48 hours before the United States Consumer Price Index (CPI), readout.

PlanC, a Twitter account, identified between 8% to 8.3% as having a neutral effect and outlined the possible reactions to BTC/USD.

The CPI print of June 10 will be fascinating. > 8.3%, all markets tank in the short term (Bearish). 8% – 8.3% (Neutral), slight dump or pump (Neutral). #Bitcoin
— Plan(c), (@TheRealPlanC June 7, 2022

Contrast with the weaker dollar, Japanese yen loses

The poor performance of the Japanese currency versus the U.S. dollars was also a concern in macro.

Related: “Can it get any simpler?” Bitcoin whales decide when and how to buy and trade BTC

The USD/JPY reached levels never seen since 2002, even as the U.S. Dollar index (DXY), failed to sustain its rise above 20-year highs.

U.S. dollar index (DXY), 1-hour candle chart Source: TradingView

BTC/USD traded in a modest area near local highs before May’s crypto dip. However, it is still far from the record peak of the dollar seen in November 2021.

BTC/JPY 1-day Candle Chart (Bitflyer). Source: TradingView

In stark contrast to the U.S., and European Union which both aim to shrink their central banks’ balances, Japan’s central banking continues to pursue a policy for quantitative easing.

The USD is the third-largest currency in the world. Do not make any mistake. This is the fate awaiting every fiat currency vs. the USD, and eventually the fate of the USD vs. #Bitcoin pic.twitter.com/vZkN6Uyl5e
— Stack Hodler (@stackhodler), June 8, 2022

Analyst Jan Wustenfeld replied, “It turns out that the Japanese monetary experiment is not going well.”

com. You should do your research before making any investment or trading decision.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner