BTC price approaches $32K as analyst warns of 'boring' summer for Bitcoin
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$32,000 comes back into view at 6% gains are helped by a return to strength on U.S. stock markets.
Bitcoin (BTC) retained new higher levels at the June 6 Wall Street open after BTC/USD snapped a nine-week losing streak.
The start of Wall Street trading provided further support to bulls as United States equities headed higher. The S&P 500 traded up 1.4% at the time of writing, while the Nasdaq Composite gained close to 2%.
For popular social media analyst Wolf, Bitcoin's correlation to stocks could see further upside should the S&P 500 flip its 21-month exponential moving average (EMA) to support.
"$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.
"A nice move of Bitcoin overnight, as we held the area around $29.7K and continued to run," he explained.
"Resistance zone now, wouldn't be longing around here (might even sweep above $31.8K to take the liquidity). Looking at around $30.5K for a potential new long and then targeting $32.8K."
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.
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