Bitcoin Market Forecast: Can BTC/USD recover and crack $10,000?
- Bitcoin briefly dipped below $9,000 but has managed to recover and it’s trading at $9,450 at the time of writing.
- BTC/USD is fighting to stay above the daily 12-EMA and the 26-EMA.
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
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Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
