Bitcoin Cautious As Analyst Predicts Pullback in Risk-On Markets in July

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Bitcoin is trending sideways within a $300 trading range for the last two weeks amid growing uncertainty in risk-on markets. Traders expect the cryptocurrency to attempt a breakout but remain unsure about the direction of the next price move. Meanwhile, analyst Larry Williams suggests the S&P 500 could climb further only to fall back hard by the end of July. Bitcoin and the S&P 500 have formed a record high correlation in recent weeks. No one can tell what is in Bitcoin’s mind these days. The benchmark cryptocurrency rose by more than 150 percent from its March 13 nadir. Its gains followed a steep crash in the wake of a global market rout that practically hurt every traditional and new asset as investors moved to the safety of cash. The US Federal Reserve later intervened with an open-ended stimulus package worth $2 trillion. The central bank also slashed its interest…

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