Bitcoin’s correlation to stocks and uncertainty about the future of the US economy could cap BTC price gains below $110,000.
Key takeaway:
Bitcoin price gains above $110,000 could be capped by BTC’s correlation to stocks and US recession fears.
Bitcoin (BTC) 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.
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