Bitcoin price all-time high hindered by macroeconomic fears

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Bitcoin (BTC) increased by 3.5 % between June 7 and June 9, approaching the mark of $ 10,500. Despite this last height, professional merchants are still noticeably cautious, as shown in BTC derivative measures. The wider macroeconomic tensions continue, and Bitcoin continues to show a strong connection with the stock market, which limits its Saudi -term iodine capabilities.

Some analysts expect Bitcoin to gather to $ 150,000, as the United States government is approaching an increase of 4 trillion dollars to the roof of the debt. However, the futures market data indicates a short -term frequency, most likely driven by unavoidable macroeconomic signals and poorly read the shock of Bitcoin.

Since June 6, future bitcoin installments have been hovering near the basic basic line by 5 % of the neutral markets. The last increase in prices has not yet inspired great confidence among merchants. However, it will be precisely to say that the feelings are completely pessimistic, especially with only 3 % Bitcoin trading with less than 111,965 dollars on May 22.

The recent price movement was not driven by excessive speculation in the field of summons, an indication based on a healthy market. However, if the recession persists, it is unlikely that Bitcoin will maintain levels exceeding $ 110,000, due to its continuous association with traditional stock markets.

Nowadays, Bitcoin’s association with S&P 500 %, which means that the assets have been moved in similar directions. This trend has been held over the past four weeks. Although the link may fluctuate during the past nine months, investors are still being treated largely as a origin of risk instead of reliable hedge.

Bitcoin can fight against the wider economic opposite winds

Investors have been strengthened by previous cases when the American trade war has intensified, which negatively affects almost every group of assets, including stocks, oil and bitcoin. However, Bitcoin is carefully designed for periods of financial uncertainty. If confidence in the financial stability of the United States government has deteriorated, risk perceptions may change Bitcoin.

The Bitcoin margin has long been shown in OKX that Longs exceeds 4 times the short pants. Historically, excessive confidence has pushed this ratio over 20 times, while the levels that are less than 5 times are preferred to have a declining phase.

However, none of these indicators indicate that big investors or market makers are preparing for the collapse of bitcoin.

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If the investor’s confidence in the US Treasury’s ability continues to manage the debt of confirmation in weakness, there is a possibility for capital to get out of government bonds. Unlike the S&P 500, which holds a $ 50 trillion rating, or gold at $ 22.5 trillion, Bitcoin can exceed 150,000 dollars even by capturing a small share of these external flows.

In the short term, as long as the US dollar is still backup in the world, the bitcoin price remains vulnerable to landing pressure, especially if the recession is confirmed. Consequently, the prevailing concerns about the global trade war and the constant impact of high interest rates will be saved in the near term of bitcoin.

This article is intended for general information purposes and does not aim to be and should not be considered legal or investment advice. The opinions, ideas and opinions expressed here are alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.