Bitcoin price all-time high hindered by macroeconomic fears
Bitcoin (BTC) increased by 3.5% from June 7 to June 9, nearing $108,500. Professional traders remain cautious, indicated by BTC derivatives metrics, amid ongoing macroeconomic tensions and a strong correlation with the stock market, limiting short-term gains. Analysts predict a potential rise to $150,000 due to a $4 trillion increase in the US debt ceiling, but futures market data shows hesitance due to unfavorable economic signals. Bitcoin futures premiums are around the 5% baseline typical of neutral markets, and the price rise has not significantly boosted trader confidence. Bitcoin's correlation with the S&P 500 is at 82%, indicating similar movement trends. Concerns about economic headwinds persist, particularly from past US trade war impacts. The long-to-short margin ratio at OKX shows a 4:1 ratio favoring longs, but no indicators suggest a crash is imminent. If confidence in US Treasury stability declines, capital may exit government bonds, potentially benefiting Bitcoin. However, Bitcoin's price remains vulnerable to downward pressure from the US dollar's status and recession fears.
