in the fork – Bitcoin (BTC) starts the week in the green. Traders and analysts are not giving the same outlook on what appears to be the start of bullish momentum.
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Bitcoin Above $31,000: And It Doesn’t Matter?
The price of bitcoin climbs above $31,760 on Bitfinex today, June 6, 2022. Bitcoin is trading at $31,412 at the time of writing. It is currently posting a solid daily gain of 4.44%.
Bitcoin closed the previous week in the green, a first since March 2022. Prior to this weekly bullish candlestick, markets were treated to nine consecutive red candlesticks. Trader Rekt Capital states that “Historically, a prolonged series of red weekly candles never marked a generational background “.
These consecutive red candlesticks would precede “ a further decline “. So today’s rise that brings Bitcoin closer to $32,000 would not once again be the start of a sustainable bullish recovery?
Bitcoin currently appears to be tracking the bullish move in US stocks. For analyst Wolf, cryptocurrency could go up to $36,000 – $37,000, if the S&P 500, which is “sitting on the monthly exponential moving average of 21 months”, manages to stay there. Bitcoin would then recover “towards the same band”.
Bitcoin would “lag” the S&P 500. But it “should recover fairly quickly” if the S&P holds above this 21-month exponential moving average.
Unlike Wolf, the Pentoshi trader has a rather pessimistic view of the markets. He expects a S&P bearish reversala reversal that would then break Bitcoin’s current momentum.
But pending a possible rise to $36,000-$37,000, or a bearish reversal that would draw new lows, how should markets interpret Bitcoin’s current moves?
Rekt Capital points out that “it is easy to go bullish on BTC on a green day and bearish on a red day”. But the reality is that Bitcoin is “always trading between 28K and 32K”, and that “this will continue until one of these levels is broken”.
Bullish or bearish moves within this range would not be not “significant enough to dictate shifts in sentiment”.
Caution urges traders and investors to consider the possibility of a return to $20,000 for bitcoin. But the bears have yet to win, given the bullish outlook for Bitcoin rising above $35,000.
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