Bitcoin (BTC) climbed to fresh local highs overnight into June 3 after United States equities cut losses.
Wall Street provides short-term relief
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD gaining steadily to hit $30,670 on Bitstamp before consolidating.
The mood among stocks was more solid during the June 2 session, with the S&P 500 reclaiming the majority of its lost ground over the past month. The Nasdaq Composite Index ended up 2.7%.
Analyzing the crypto market cap compared to the Nasdaq, popular analyst TechDev noted what could be an incoming inflection point.
Potentially interesting. #BTC / $NDQ pic.twitter.com/i0k8oEyhw3
— TechDev (@TechDev_52) June 2, 2022
Fellow trader and analyst Pentoshi meanwhile issued a sobering outlook for the S&P 500 on weekly timeframes going forward.
My current working theory for #SPX and markets in general is this. I had talked about 3840 in the past being a key spot
I believe we just had our swing low and that the next weekly will look like the red part drawn on the chart w/ a higher low than last week and thus risk on ST https://t.co/o7uv2b40BF pic.twitter.com/TOOn6KP9Th
— Pentoshi (@Pentosh1) May 22, 2022
Bitcoin itself continued to face calls for a retracement, which would eclipse May’s $23,800 lows.
Crypto Tony still targeted between $22,000 and $24,000, demanding a break of a trendline currently near $32,500 to consider long scalping.
“Bitcoin held the $30K level, so long would still be intact from the $29.3K region,” Cointelegraph contributor Michaël van de Poppe meanwhile added on his short-term strategy.
“Now flipping $30.3K would be continuation towards $31.8K possible.”
At the time of writing, BTC/USD lay at around $30,500.
Timmer: Bitcoin supply and demand needs “fresh take”
Zooming out, one on-chain analyst became the latest to take on the increasingly controversial Stock-to-Flow (S2F) BTC price model.
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