12.5 C
New York

BTC price nearing $32K, up with stocks, analyst warns for boring summer


Data from market analysts has been focused on the BTC gains in the past day, gains of which have shot up by 6%

The Wall Street opening was in favor of the bull as US equities increased. S&P 5000 was up 1.4% and the Nasdaq hit almost 2%

Social Media analyst, Wolf, suggests that Bitcoin’s correlation with the stocks may show a further upside IF s&p 500 flips its 21-month EMA to support. 

“$SPX sitting on the monthly 21EMA, should it hold, we will see $BTC recover to the same band now at $36-$37k, ” he stated in a tweet. 

Other analysts have high hopes as Cointelegraph contributor Michael van de Poppe witnessed BTC/USD’s $30,000 hold overnight.

“A nice move of Bitcoin overnight, as we held the area around $29.7k and continued to run,” he said. 

For the long run though, the mood changed as Bob Loukas, commentator, the summer does not bode anything exceptional. 

“Probably going to be a boring summer in Crypto. The heavy selling is done, now it’s the doldrums period where only smart money accumulates,” he said. “ Once all the wea hands have turned over, higher prices will be needed, and the new cycle can begin. Still targeting late in the year.”

Altcoins have been taking the opportunity to capitalize on BTC gains. Ethereum (ETH) has had a daily gain of 7%, approaching its $1,900 resistance level. Loukas however, believes the coming months will see big costs coming for altcoins despite the Ethereum merge coming in August. 

“With BTC maybe 3-6 months from $USD bear lows, watch out on ALT positions. Worse can get much worse.” 

Related articles

Recent articles