$BTC
Bitcoin price shows strength, but will BTC bulls be able to push through $110K?
Bitcoin’s correlation to stocks and uncertainty about the future of the US economy could cap BTC price gains below $110,000.
Bitcoin
$109,673
rose 3.5% between June 7 and June 9, approaching the $108,500 mark. Despite this recent uptick, professional traders remain notably cautious, as reflected in BTC derivatives metrics. Broader macroeconomic tensions persist, and Bitcoin continues to show a strong correlation with the stock market, limiting its short-term upside potential.
Some analysts anticipate Bitcoin could rally to $150,000 as the US government nears a $4 trillion increase to its debt ceiling. However, futures market data suggests short-term hesitance, likely driven by unfavorable macroeconomic signals and a misreading of Bitcoin’s potential supply shock.
