Bitcoin Market Forecast: Can BTC/USD recover and crack $10,000?

Bitcoin was able to form a bullish reversal candlestick on June 15. Today, on June 16, Bitcoin has seen some continuation but was rejected from $9,600 and it’s currently trading at $9,453 below the 12-EMA at $9,513. Buyers are looking forward to a climb above both EMAs which are close to a bear cross. 

What’s driving Bitcoin’s recent price action?

It seems that most of Bitcoin’s latest price action has been heavily influenced by the global stock market. The S&P 500 had a crash on June 10 and Bitcoin quickly followed the index on June 11 with a similar crash. The price surge we saw yesterday on June 15 also happened after the S&P 500 started to recover. Bitcoin has correlated with the stock market again, but it’s unclear how long the correlation will last this time. 

Bitcoin has been more volatile in the past week and when it comes to fundamental metrics, it is doing really well. CME Bitcoin options saw a record of $373 million in open interest on June 10. The institutional interest in Bitcoin is clearly increasing and it’s even better because the price of Bitcoin hasn’t been that great lately. 

The FED has also announced another stimulus that intends to buy up to $250 billion in individual corporate bonds. The stock market is climbing thanks to it and it seems that Bitcoin is following suit.

BTC/USD daily chart