$BTC Bitcoin price shows strength, but can the bulls push it above $110,000?

The correlation of Bitcoin with the stock market and uncertainty about the future of the US economy could limit price gains of $BTC below $110,000.

Price gains of Bitcoin above $110,000 could be limited by the correlation of BTC with stocks and fears of recession in the US.

Bitcoin rose 3.5% between June 7 and June 9, nearing the $108,500 mark. Despite this recent surge, professional traders remain notably cautious, as reflected in the derivative metrics of $BTC . Broader macroeconomic tensions persist, and Bitcoin continues to show a strong correlation with the stock market, limiting its short-term bullish potential.

Some analysts anticipate that Bitcoin could rise to $150,000 as the US government approaches a $4 trillion increase in its debt ceiling. However, futures market data suggests short-term doubt, likely driven by unfavorable macroeconomic signals and a misinterpretation of the potential scarcity of Bitcoin supply.