{"id":11425,"date":"2022-06-08T14:32:59","date_gmt":"2022-06-08T14:32:59","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/wall-street-sends-btc-price-to-30-8k-as-latest-us-dollar-uptick-fails\/"},"modified":"2022-06-08T14:33:02","modified_gmt":"2022-06-08T14:33:02","slug":"wall-street-sends-btc-price-to-30-8k-as-latest-us-dollar-uptick-fails","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/wall-street-sends-btc-price-to-30-8k-as-latest-us-dollar-uptick-fails\/","title":{"rendered":"Wall Street sends BTC price to $30.8K as latest US dollar uptick fails"},"content":{"rendered":"
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Bitcoin (BTC) showed strength at the June 8 Wall Street open as impatient traders waited for a trend to emerge.<\/p>\n

BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

Bitcoin still in \u201cno trade zone\u201d\u00a0<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD jumping to near $30,850 after the opening bell, helping claw back some of the ground lost in an overnight correction.<\/p>\n

Choppy trading conditions prevailed within a familiar range on the day, however, leading to both long and short traders seeing increased risk on low timeframes.<\/p>\n

For popular trader Crypto Chase, this was a prime period<\/a> for the transfer of value to \u201csmart money\u201d \u2014 away from small-volume speculators and those with \u201cweak hands.\u201d<\/p>\n

A prior Twitter post had argued for a hands-off approach until a decisive level had been breached.<\/p>\n

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Little interest in $BTC<\/a> until one of these levels is breached. At that point, we watch for either continuation or price to re-enter range. If re-enter range, I expect the other side to fail and continuation in that direction (as drawn). I tend to lean towards left most drawing. pic.twitter.com\/d5JgsAM4LR<\/a><\/p>\n

\u2014 Crypto Chase (@Crypto_Chase) June 7, 2022<\/a><\/p><\/blockquote>\n

Fellow trader Crypto Tony argued<\/a> that $29,700 needed to hold as support for a further upward momentum to enter.<\/p>\n

\u201cSimple playing field for Bitcoin,\u201d Cointelegraph contributor Micha\u00ebl van de Poppe added<\/a>. <\/p>\n

\u201cBreak through $31.5K = $32.8K and\/or $35K. Support zones for longs probably $30K and $29.3K still. In between = no trade zone.\u201d<\/p><\/blockquote>\n

Stocks were flat at the time of writing, with 48 hours still to go until the latest United States Consumer Price Index (CPI) readout.<\/p>\n

Laying out the possible reactions from BTC\/USD, Twitter account PlanC identified between 8% and 8.3% as having a \u201cneutral\u201d effect.<\/p>\n

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This CPI print on June 10, will be very interesting. <\/p>\n

> 8.3%, short-term all markets tank (Bearish)<\/p>\n

8% – 8.3%, slight dump or pump (Neutral)<\/p>\n

< 8%, short-term all markets pump (Bullish)#Bitcoin<\/a> #Crypto<\/a><\/p>\n

\u2014 Plan\u00a9\ufe0f (@TheRealPlanC) June 7, 2022<\/a><\/p><\/blockquote>\n

Japanese yen losses contrast with weaker dollar<\/h2>\n

Elsewhere in macro, the poor performance of the Japanese yen versus the U.S. dollar was again on crypto commentators\u2019 radar.<\/p>\n

Related:\u00a0\u2018Can it get any easier?\u2019 Bitcoin whales dictate when to buy and sell BTC<\/em><\/strong><\/p>\n

Even as the U.S. dollar index (DXY) failed to\u00a0continue its rally above 20-year highs, USD\/JPY reached levels not seen since the start of 2002.<\/p>\n

U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

BTC\/USD traded in a more modest territory near local highs from before May\u2019s crypto dip, still far from its record peak, as with the dollar seen in November 2021.<\/p>\n

BTC\/JPY 1-day candle chart (Bitflyer). Source: TradingView<\/em><\/figcaption><\/figure>\n

Japan\u2019s central bank continues a policy of quantitative easing, in stark contrast to both the U.S. and European Union, both of which are aiming to reduce their central banks\u2019 balance sheets.<\/p>\n

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The third largest currency in the world is falling off a cliff vs. the USD.<\/p>\n

Make no mistake. This is the fate awaiting every fiat currency vs. the USD, and eventually the fate of the USD vs. #Bitcoin<\/a> pic.twitter.com\/vZkN6Uyl5e<\/a><\/p>\n

\u2014 Stack H\u00f6dler (@stackhodler) June 8, 2022<\/a><\/p><\/blockquote>\n

\u201cTurns out that the monetary experiment in Japan is not going too well,\u201d analyst Jan W\u00fcstenfeld responded<\/a>.<\/p>\n

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<\/div>\n