Bitcoin stocks correlation 'feels like' 100% as $30K BTC price frustrates
Bitcoin (BTC) wicked through $30,000 during June 9 as the Wall Street open revealed an ongoing stocks correlation.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD threatening to head lower as the S&P 500 likewise opened with modest losses.
The pair had stayed in a tight range through June 8, this following episodes of volatility, which proved dangerous for long and short traders alike.
"The correlation between the $SPX and $BTC is again close to 1, it feels like," Cointelegraph contributor Michaël van de Poppe tweeted on the day, summarizing the mood.
United States jobless claims data had little impact on markets, with the main event in the form of Consumer Price Index (CPI) data due June 10.
Van de Poppe predicted that the readout, which covers the month of May, would not beat the April figure, this coming after data from Europe hinted that inflation was already slowing down.
"Going into tomorrow; I think we'll see the same from the U.S. which can benefit relief," part of a further Twitter post read.
Fellow trader and analyst Pentoshi, meanwhile, predicted that BTC/USD could run to as high as $35,000 before entering its next major corrective phase, once more based on stock market movements.
While SPX has played out so far the lag on btc has been disappointing. Still feel we rally to 33-35 before new lows fwiw https://t.co/tuZ9Ah7zxd
General sentiment, while low according to indicators, was one of frustration for seasoned market pundits.
"Bitcoin recently purchased a beautiful yet affordable home at a low-interest rate for 30 years in a quiet town called 30K. It apparently has settled in and intends to live there forever," analyst and podcast host Scott Melker, known as the "Wolf of All Streets," reacted to
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