Wall Street transmits BTC cost to $30.8K as latest US dollar uptick fails

Bitcoin (BTC) demonstrated strength in the June 21 Wall Street open as impatient traders anxiously waited for any trend to emerge.

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

Bitcoin still in “no trade zone” 

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD jumping to close $30,850 following the opening bell, helping claw back a few of the ground lost within an overnight correction.

Choppy buying and selling conditions won inside a familiar range at the time, however, resulting in both lengthy and short traders seeing elevated risk on low timeframes.

For popular trader Crypto Chase, it was a prime period for that change in value to “smart money” — from small-volume speculators and individuals with “weak hands.”

A previous Twitter publish had contended for any hands-off approach until a decisive level have been breached.

Fellow trader Crypto Tony contended that $29,700 required to hold as support for any further upward momentum to go in.

“Simple arena for Bitcoin,” Cointelegraph contributor Michaël van de Poppe added.

“Break through $31.5K = $32.8K and/or $35K. Support zones for longs most likely $30K and $29.3K still. Among = no trade zone.”

Stocks were flat during the time of writing, with 48 hrs still to visit before the latest U . s . States Consumer Cost Index (CPI) readout.

Lounging the possible reactions from BTC/USD, Twitter account PlanC identified between 8% and eight.3% as getting a “neutral” effect.

Japanese yen losses contrast with less strong dollar

Elsewhere in macro, poor people performance from the Japanese yen in comparison to the U.S. dollar was again on crypto commentators’ radar.

Related: ‘Can it have any simpler?’ Bitcoin whales dictate when you should purchase and sell BTC

Even while the U.S. dollar index (DXY) unsuccessful to continue its rally above 20-year highs, USD/JPY arrived at levels not seen since the beginning of 2002.

U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView

BTC/USD traded inside a more sensible territory near local highs from before May’s crypto dip, still not even close to its record peak, just like the dollar observed in November 2021.

BTC/JPY 1-day candle chart (Bitflyer). Source: TradingView

Japan’s central bank continues an insurance policy of quantitative easing, in stark contrast to both U.S. and Eu, each of which are aiming to lower their central banks’ balance sheets.

“Turns out the financial experiment in Japan isn’t going too well,” analyst Jan Wüstenfeld responded.

The views and opinions expressed listed here are exclusively individuals from the author and don’t always reflect the views of Cointelegraph.com. Every investment and buying and selling move involves risk, you need to conduct your personal research when making the decision.

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