BTC prices approach $ 32K as an expert warns of a "boring" summer for Bitcoin

BTC prices approach $ 32K as an expert warns of a “boring” summer for Bitcoin – Mail Bonus

Bitcoin (BTC) held new highs at the opening of Wall Street on June 6 after the BTC / USD reached a nine-week loss.

BTC / USD 1 hour candlestick (bit stamp). Source: TradingView

Shares could take BTC up to $ 37,000

Data from Cointelegraph Markets Pro and TradingView followed the largest cryptocurrency as it circled around $ 31,500 behind a 6% daily profit.

The start of trading on Wall Street provided further support for the bulls as US stocks rose. At the time of writing, the S&P 500 was up 1.4%, while the Nasdaq Composite was up 2%.

For the popular social media analyst Wolf, Bitcoin’s correlation with equities could see a further rise if the S&P 500 reverses its 21-month exponential moving average (EMA) to support it.

“$ SPX sits at a monthly 21EMA, if it holds, we’ll see $ BTC recover in the same band now at $ 36- $ 37K,” he told Twitter followers the other day.

Further entry described BTC is “back” after S&P but likely to “recover pretty quickly” if the former maintains monthly support.

Michaël van de Poppe’s cointelegraph contribution was also more optimistic after $ 30,000 held overnight on BTC / USD.

“Nice operation of Bitcoin overnight, where we kept the area around $ 29.7K and kept running,” he said. explained.

“Resistance right now, would not crave here (could even sweep over $ 31.8K to take liquidity). Watch around $ 30.5K for a potential new long and then target $ 32.8K.”

Pentoshi’s trader nonetheless maintained a conservative outlook, predicting a turnaround for S&P, which could well reduce the latest momentum in cryptocurrencies.

Over a longer period of time, the mood was subdued in light of the central bank’s continued monetary restraint and unbridled inflation.

For commentator Bob Loukas, the summer seemed inconceivable for hodlers.

“It’s probably going to be a boring summer in Crypto. A lot of sales are over, now there’s a slump where only smart money is accumulating,” he said. acknowledged.

“When all the weak hands have turned around, higher prices are needed and a new cycle can begin. We are still aiming for late in the year.”

Altcoins expert: “Worse can get much worse”

Some major altcoins meanwhile used the opportunity to take advantage of Bitcoins profits.

Related: BTC price takes its longest loss in history – 5 things to know about Bitcoin this week

Among them was Ether (ETH), the largest altcoin in terms of market value, which rose daily by more than 7% and exceeded $ 1,900.

“Good momentum on $ ETH here,” Van de Poppe comment in a special update.

“Closest [the] first resistance, but given the HL and the current recovery of $ BTC, I think we are in for a few weeks of green where we will be looking for exams around $ 2,300- $ 2,500 on $ ETH as well.

ETH / USD 1 hour candlestick (Binance). Source: TradingView

Elsewhere in the top ten cryptocurrencies by market value, Cardano (ADA) and Solana (SOL) both rose 10% over the day.

Of the top fifty symbols, only one, Elrond (EGLD), traded in red.

Loukas, however, pointed out that the market value of Bitcoin was likely to cost altcoin a lot in the coming months.

“With BTC maybe 3-6 months from the lowest lows $ USD, watch out for the ALT positions. Worse can get much worse,” part of tweet warned.

The views and opinions expressed herein are those of the authors only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading business involves risk, you should conduct your own research when making a decision.