US Stock and Bitcoin had correlation…Yet, traders are taking wait-and-see attitude

Last night, the U.S stock market surged with an economic stimulus from the Federal Reserve System(Fed) and decent economic indicator, even with the anxiety over the second wave of Covid-19. On June 29th(ET), in the New York Stock Exchange(NYSE), Dow Jones Industrial Average 30 Index finished the session up by 2.32% compared to the previous session, trading at 25,595.80. Standard&Poor's(S&P) 500 Index was traded at 3,053.24, advanced by 1.47%; Nasdaq tech stocks at 9,874.15, increased by 1.2%. The U.S blockchain stock, however, dropped 0.4% in average.

For last 24 hours, Bitcoin(BTC) price was recovered, trading at the level of USD 9,200. BTC and S&P 500 Index had correlation. "In June, the U.S stock price and BTC price showed correlation," tweeted Larry Cermak, a prominent analyst from The Block.

"When BTC/USD pair breaks above the USD 9,300 resistance level, BTC price can increase by the USD 9,500 resistance level after gaining bullish momentum. But, if it fails to break above the resistance between USD 9,200 and USD 9,300, its price can be decreased by USD 9,040. A sharp decline below USD 9,000 risks BTC price plummeted by USD 8,813," anticipated Aayush Jindal, an analyst from NewsBTC.

"BTC price recovered the level of USD 9,000 after it has dipped by USD 8,830 last weekend. Yet, it can record USD 8,830 again. If it fails to break above USD 8,830, the supporting line of USD 8,630 and USD 8,638 can be threatened. BTC is currently facing the resistance line between USD 9,172 and USD 9,344. It can transform to the bullish sign after it breaks above USD 10K," reported CoinDesk, an online cryptocurrency media.

"Earlier June, BTC price recorded USD 10K. It, however, fallen by USD 9,100. In short term, BTC showed bearish sign. If BTC fails to break above the USD 9,250 resistance level, its price can be dipped further. But, given that the supporting line is formed between USD 8,700 and USD 8,500, BTC price is unlikely to be dropped in short time. As few are optimizing the BTC price, wait-and-see attitude is highly likely to be maintained unless a clear bullish sign is shown," said Neo, an analyst from OKEx.

"By the end of this year, BTC will trade at between USD 6,000 to USD 10K," anticipated Tone Vays, a prominent cryptocurrency analyst from JP Morgan. "BTC/USD order-book on Binance suggests that over 1,300 BTC are waiting for trading at USD 9,500 to USD 9,550," reported NewsBTC, citing an anonymous trader. The media added that it would take long time until BTC price is recovered. "The possibility that BTC price's record of highest point is fallen to 5%," said Ethereum World News, a cryptocurrency news website.

"If Bitcoin traders can defend the resistance zone between USD 8,800 and USD 8,900, BTC price can rally by USD 12K," analyzed Crypto Michaël, an analyst and the former prominent trader from Euronext Amsterdam. Willy Woo, another digital currency analyst, also argued that BTC's next bull market will come soon.

"The value of dollar can be fallen. If BTC breaks above the USD 10K, it can record USD 12K and USD 14K," said Mike Novogratz, the Chief Executive Officer(CEO) of Galaxy Digital.

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