BTC price approaches $32K as analyst warns of 'boring' summer for Bitcoin
Bitcoin (BTC) retained new higher levels at the June 6 Wall Street open after BTC/USD snapped a nine-week losing streak.
Data from Cointelegraph Markets Pro and TradingView followed the largest cryptocurrency as it circled $31,500 on the back of 6% daily gains.
The start of Wall Street trading provided further support to bulls as United States equities headed higher. The S&P 500 traded up 1.4% at the time of writing, while the Nasdaq Composite gained close to 2%.
For popular social media analyst Wolf, Bitcoin's correlation to stocks could see further upside should the S&P 500 flip its 21-month exponential moving average (EMA) to support.
"$SPX sitting on the monthly 21EMA, should it hold, we will see $BTC recover to the same band now at 36-37k," he summarized to Twitter followers on the day.
A further post described BTC as "lagging" behind the S&P but apt to "recover pretty soon" in the event of the former holding monthly support.
Cointelegraph contributor Michaël van de Poppe was also more optimistic after $30,000 held overnight on BTC/USD.
"A nice move of Bitcoin overnight, as we held the area around $29.7K and continued to run," he explained.
Fellow trader Pentoshi nonetheless retained a conservative outlook, forecasting a reversal for the S&P which could well deflate the latest momentum in crypto markets.
#SPX nailed from top down and back up from 3840Think they want to take out 4300's before a reversal back down. Bear market rallies are brutal frens. They go higher then people think pic.twitter.com/RJVUjugtGo
On longer timeframes, the mood was thus subdued in the face of ongoing monetary tightening by central banks and rampant inflation.
For commentator Bob Loukas, the summer looked to be uninspiring for hodlers.
"Probably
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