Wall Street sends BTC price to $30.8K as latest US dollar uptick fails

cointelegraph.com:

Bitcoin (BTC) showed strength at the June 8 Wall Street open as impatient traders waited for a trend to emerge.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD jumping to near $30,850 after the opening bell, helping claw back some of the ground lost in an overnight correction.

Choppy trading conditions prevailed within a familiar range on the day, however, leading to both long and short traders seeing increased risk on low timeframes.

For popular trader Crypto Chase, this was a prime period for the transfer of value to “smart money” — away from small-volume speculators and those with “weak hands.”

A prior Twitter post had argued for a hands-off approach until a decisive level had been breached.

Little interest in $BTC until one of these levels is breached. At that point, we watch for either continuation or price to re-enter range. If re-enter range, I expect the other side to fail and continuation in that direction (as drawn). I tend to lean towards left most drawing. pic.twitter.com/d5JgsAM4LR

Fellow trader Crypto Tony argued that $29,700 needed to hold as support for a further upward momentum to enter.

“Simple playing field for Bitcoin,” Cointelegraph contributor Michaël van de Poppe added.

Stocks were flat at the time of writing, with 48 hours still to go until the latest United States Consumer Price Index (CPI) readout.

Laying out the possible reactions from BTC/USD, Twitter account PlanC identified between 8% and 8.3% as having a “neutral” effect.

This CPI print on June 10, will be very interesting. > 8.3%, short-term all markets tank (Bearish)8% - 8.3%, slight dump or pump (Neutral)< 8%, short-term all markets pump (Bullish)#Bitcoin #Crypto

Elsewhere in macro, the poor performance of the Japanese yen