• Bitcoin (BTC) cooled the volatility into the June 8 Wall Street open as market participants waited for signals.
• The pair returned to sideways trading after bouncing from three-month lows, now focusing on the 200-week moving average (WMA).
• Popular traders eyed a potential upside from early March this year and DXY headed to support.
Bitcoin Price at Crucial Trendline
Bitcoin (BTC) cooled off its recent volatility ahead of the June 8 Wall Street open, with the price hovering near a crucial 200-week trendline at $26,500. Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD was circling a key long-term trend line. After bouncing back from three-month lows, traders remained uncertain about what move Bitcoin might make next.
Market Participants Await Signals
Trading suite DecenTrader warned over an increasing long/short ratio on exchanges and that the United States trading session may open with selling. Popular traders kept their positions neutral until more pronounced trends became apparent while Crypto Tony pointed out a potential downside target in a “support zone” at just below $26,000. On the other hand, King La Crypto hoped for a repeat of an earlier upside to $31,000 in March this year.
DXY Heads To Support
Prior to Wall Street’s opening bell ringing Monday morning, DXY — which tracks USD against six major currencies — was heading towards support levels as it took another dip after attempts to rise last week failed. A strong US dollar typically puts pressure on commodities such as gold and oil prices; however, it has little effect on cryptocurrencies like Bitcoin which are not backed by any government or central bank.
Market Outlook Uncertain
The outlook for cryptocurrencies remains uncertain due to its relatively new asset class status and lack of regulation compared to traditional financial instruments like stocks or bonds. Despite this uncertainty, there is growing interest in digital assets among institutional investors who see them as an attractive alternative investment option in times of economic uncertainty or inflationary pressures due to quantitative easing programs implemented by central banks around the world.
In conclusion, Bitcoin remains stuck near its 200-week moving average at $26,500 as traders await further signals before making any decisive moves. DXY is also dipping towards support levels ahead of Monday’s Wall Street opening bell while a number of popular traders remain undecided about whether they should take a bullish or bearish stance on BTC/USD at present time given widespread market uncertainty surrounding cryptocurrencies as an asset class overall.