Is Bitcoin ready for $32K? Relief bounce endures despite a U.S. trading holiday, but worries over waning momentum in stocks mean the short-term outlook remains gloomy.
Ahead of markets returning on May 31, doubts similarly lingered over the true momentum behind their newfound strength, which showed itself last week.Bitcoin had been initially slow to react, but its copycat behavior lent weight to the idea that higher levels across risk assets could ultimately prove to be a fakeout.
Commenting on the fortunes of the S&P 500, trader and analyst Pentoshi admitted that he did not see much more upside to come. “I think we are nearing the upside being capped for SPX in red box after we got that beautiful swing low on the weekly,” heThe U.S. dollar index retreated for another day, breaking below 101.5 for the first time since late April.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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