Key Takeaway:
Bitcoin (Btc) Rose 3.5% between June 7 and June 9, approaching the $ 108,500 mark. Despite this recent uprising, professional entrepreneurs have remained very careful, as can be seen in the BTC derivatives. Macroeconomic’s wider tension continues, and Bitcoin continues to show a strong touch to the stock market, limiting its short -term reversal potential.
Some analysts look forward to bitcoin Rally up to $ 150,000 While the US government is close to a $ 4 trillion increase in the ceiling of its debt. However, Futures Market data suggests short-term hesitation, likely driven by unwanted macroeconomic signals and a false author of Bitcoin potential shock of supply.
Since June 6, Bitcoin Premium Futures approaches near the 5% baseline typical of the neutral market. The recent price increase has not inspired significant confidence to entrepreneurs. However, it is not accurate to say that the sentiment is fully pessimistic, especially in Bitcoin who currently trades 3% below the $ 111,965 all-time high set on May 22.
The recent price movement is not driven by excessive speculation -haka -haka, an indicator of a healthy market foundation. However, if the fear of retreating continues, Bitcoin is unlikely to maintain levels above $ 110,000, given continuous relationships with traditional equity markets.
Currently, the relationship of Bitcoin along with the S&P 500 stands at 82%, which means that the two owners have moved in similar directions. This trend has been held over the past four weeks. Although the relationship has changed over the past nine months, investors have largely treated Bitcoin as a risk-on asset rather than a reliable fence.
Bitcoin can struggle against the wider economic headwinds
Investors’ concerns have been strengthened by past instances when the US trade war intensified, negatively affecting almost every class of possession, including equal -equal, oil, and bitcoin. However, Bitcoin is designed precisely for periods of financial uncertainty. If the confidence in the stability of the US government’s fiscal has worsened, the risk -awareness may move in favor of Bitcoin.
The Bitcoin Long-to-Short Margin ratio In OKX shows longs outweighing shorts 4 times. Historically, excessive confidence has pushed this ratio to the top 20 times, while the levels below 5 times favored the longs were seen as bearish.
However, none of these indicators suggest that large investors or market makers are preparing for a Bitcoin price crash.
Related: The approach adds 1,045 bitcoin for $ 110m to the latest purchase
If the investor’s confidence in the US treasury’s ability to manage debt mounted continues to weaken, there is potential for capital that Get out of government bonds. Unlike the S&P 500, holding $ 50 trillion of appreciation, or gold at $ 22.5 trillion, Bitcoin can steal the past $ 150,000 even by taking a small portion of these flows.
In the short term, as long as the US dollar remains world reserve money, the price of Bitcoin remains vulnerable to downward pressure, especially if a retreat is confirmed. As a result, existing concerns about the global trade war and the prolonged impact of high interest rates are likely to caps the near term of Bitcoin.
This article is for general information purposes and is not intended to be and should not be done as legal or investment advice. The views, attitudes, and opinions expressed here are unique and do not necessarily reflect or represent the views and opinions of the cointelegraph.
