Bitcoin (BTC) cooled the volatility into the June 8 Wall Street open as market participants waited for signals.
![374d582d-71e0-4e31-983e-ec3f49329559 374d582d-71e0-4e31-983e-ec3f49329559](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/374d582d-71e0-4e31-983e-ec3f49329559.png)
BTC spot clings to 200-week moving average
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling a key long-term trend line near $26,500.
After flash volatility surrounding industry news events, the pair returned to sideways trading after bouncing from three-month lows.
Now, the 200-week moving average (WMA) formed a critical focus.
“We are currently sitting right on the 200WMA,” trading suite DecenTrader wrote in part of the day’s analysis.
DecenTrader opted for a conservative view of short timeframes, warning over an increasing long/short ratio on exchanges and that the United States trading session may open with selling.
— Decentrader (@decentrader) June 8, 2023
Popular traders, including Crypto Tony, were on the sidelines until a more pronounced trend became apparent.
“This is the structure i am currently going by on Bitcoin and i remain out of a position while we are mid range,” he told Twitter followers on the day.
“No point rushing nay entries when things are not crystal clear. We had a good short before, now we prepare for the next entry.”
An accompanying chart showed a potential downside target in a “support zone” at just below $26,000.
![0bf54a18-995b-4d23-86ad-05f070d6fffd 0bf54a18-995b-4d23-86ad-05f070d6fffd](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/0bf54a18-995b-4d23-86ad-05f070d6fffd.jpeg)
“Unchanged view on Bitcoin. Consolidation, falling wedge. Not overly interesting until we get a breakout,” fellow trader Jelle agreed.
More optimistic takes came from popular trader King La Crypto, among others, who eyed a potential repeat of the upside from early March. This, as Cointelegraph reported, ultimately resulted in highs of $31,000.
It's happening again.#Bitcoin $BTC https://t.co/so3Jyj23QL pic.twitter.com/MfO67SMzU0
— King La Crypto (@kinglacrypto) June 7, 2023
DXY heads to support
Prior to the Wall Street opening, meanwhile, pronounced weakness in the U.S. dollar formed a potential reason for bullishness on crypto markets.
The U.S. Dollar Index (DXY) fell to its lowest in several days, targeting support from the monthly open and late May.
![](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/fe9fec9b-4925-4317-81c3-1a80194f3ac2.png)
Popular trader Mikybull Crypto was among those inferring a positive outcome for BTC.
“Correlating Dollar Index DXY and Bitcoin, we can see the market makers model in play,” he explained alongside a comparative chart.
“BTC still have one more leg up.“
![a1a5e5fa-68bb-4349-aa44-c5c84d26bb07 a1a5e5fa-68bb-4349-aa44-c5c84d26bb07](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-06/a1a5e5fa-68bb-4349-aa44-c5c84d26bb07.jpeg)
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