Bitcoin (BTC) saw continued strength on June 21 as Wall Street trading opened with a trip to near $21,500.

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

Analyst eyes diminishing BTC stocks correlation

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it reached $21,633 on Bitstamp, its best performance since June 16.

The largest cryptocurrency managed to avoid fresh losses into the new week, these so far reserved for the weekend. As such, futures markets reopened without being subjected to the dip to $17,600.

CME Bitcoin futures 1-hour candle chart. Source: TradingView

While some planned to short BTC at current levels, the mood among market participants was broadly one of “wait and see” as U.S. equities opened up. The S&P 500 and Nasdaq 100 both added around 2.5% on the open. 

Popular trader Bierre was eyeing the 200-period moving average (MA) on the four-hour chart. For him, breaking it on the day would be a sign of strength not seen for multiple weeks.

On the topic of stocks, meanwhile, data from Bloomberg showed that Bitcoin was in fact swiftly reducing its correlation with the Nasdaq 100 in particular. A potential benefit could come in the form of Bitcoin trading less like a tech stock, boosting its…


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed