Bitcoin is trading up 0.2% while the S&P 500’s futures are trading down 0.4%, as of this article’s writing.
Despite the slight drop, the index remains in a textbook bull pattern primed to end in a strong upwards breakout.
BTC may benefit from this breakout in the S&P 500 due to the strong correlation that has formed between the two markets.
Unlike Bitcoin, the S&P 500 is starting its week with a slight move to the downside. As of the time of this article’s writing, the leading U.S. stock index’s futures have printed a -0.4% candle during the pre-market session.
While this is not a move not welcomed by bulls, the index purportedly remains in a textbook bull pattern primed to push stocks higher. This is bullish for Bitcoin due to the correlation that has formed between the markets.
Bitcoin Could See a Strong Rally as S&P 500 Prints Bull Sign
Despite the slight drop seen in the pre-market session, an analyst noted on July 19th that the S&P 500 remains in a macro ascending triangle.
An ascending triangle is often seen as a textbook bull pattern as they often break to the upside. These patterns are formed when an asset sees a series of higher lows but runs into the same resistance high multiple times.
Chart of the S&P 500 from trader Byzantine General (@ByzGeneral), a technician/markets analyst. Chart from TradingView.com
Should the S&P 500 break above the highs of the triangle, it will likely be primed to move to a new all-time high.
Bitcoin is poised to benefit from this potential breakout as it has become increasingly correlated with stocks over recent months. Take Charles Edwards’ tweet below as an example: the digital asset manager’s chart shows that the two markets have traded in tandem on multiple trading sessions over the past four months.
Bitcoin & stock correlation in 2020.
We have (sadly) "re-coupled" as of 10 June. Correlations at all time highs.
Notice the trend?
High levels of fear and uncertainty (eg. VIX) = high levels of correlation. pic.twitter.com/rKPjXpdz73
— Charles Edwards (@caprioleio) June 21, 2020
Should this continue,https://bitcoinist.com/bitcoin-trading-sp-500-bad-thing/ Bitcoin will break higher as the S&P 500 does.
One trader, in fact, has suggested that should the S&P 500 make a new all-time high in the near future, BTC is likely to cross $10,500 for the first time in around a year.
The Correlation Has a Silver Lining
While some have seen Bitcoin’s correlation with the stock market as a bad signal for adoption and the asset’s narrative, this may not be the case.
Qiao Wang, a prominent cryptocurrency trader, recently said that the correlation may boost the value proposition of BTC. This may seem counter-intuitive, but let him explain:
“The stock-crypto correlation is the most annoying thing from a portfolio PoV. Diminishes the marginal benefit of owning stocks. Maybe should dump stocks and just hold gold+BTC.”
The stonk-crypto correlation is the most annoying thing from a portfolio PoV. Diminishes the marginal benefit of owning stonks. Maybe should dump stonks and just hold gold+BTC. One is risk-on other is risk-off but both are anti-fiat-debasement which is the only certainty in life.
— Qiao Wang (@QWQiao) July 10, 2020
He added that in a world where there is extremely high inflation, stocks will only make it to a point before their value is decimated.
Featured Image from Deposit Photos
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
S&P 500 Just Printed a Textbook Bull Signal: Here's Why Bitcoin Can Benefit origin »
Bitcoin price is still above $7,000, trading at $7,500 at the time of writing while managing the daily trading volume of just $164 million, up from merely $120 million on the weekend. Source: Coin360 We started the month at $7,500 and after dropping down to about $7,050 level in the following days, we have been […]
The total crypto market cap is slowly rising and it is currently near the $200. 0B resistance. Bitcoin price is up close to 2% and it is now trading above the $7,500 resistance. Litecoin (LTC) price is now trading above $45.
After forming a base above $7,000, bitcoin price climbed above the $7,500 resistance against the US Dollar. The price is currently correcting gains and it is trading below the $7,440 level. There is a major contracting triangle forming with resistance near $7,520 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
Bitcoin price is trading nicely above the $7,260 support area. BTC to USD seems to be setting up for a strong rally above the $7,460 and $7,500 resistance levels. Key Takeaways: BTC/USD Bitcoin price is trading with a positive bias above the $7,260 support area against the US Dollar. BTC/USD is trading below the $7,430 […]
Bitcoin price is still trading above the $7,200 and $7,240 support levels against the US Dollar. The price is struggling to climb above the $7,440 and $7,500 resistance levels. There is a major breakout pattern forming with resistance near $7,440 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Bitcoin has spent the best part of this week in a declining channel as it grinds lower towards $7k. A brief flurry of activity in late trading yesterday saw the digital asset surge over $500 in less than an hour.
In a sudden move, Bitcoin jumped to $7,772 level on Bitstamp. The world's leading cryptocurrency has been trading just around $7,000 after recovering from the drop to $6,500 on Nov. 25. We dropped to the lowest point in five days at $7,087 today only to jump $500 in a few minutes. Currently, BTC/USD is trading […]
After making a recovering from the drop of $6,500, on Nov. 30, Bitcoin started sliding down from $5,800. Today, BTC/USD went to a $7,087 level and is currently trading at $7,195 with 24 hours loss of 1.
Since falling to $6,500 on Nov. 25, Bitcoin has jumped to above $7,800, in a Thanksgiving day after pump. Currently, BTC/USD is trading around $7,700, as per Coincodex while managing the daily trading volume of about $330 million.
Bitcoin has been incurring some decent upwards momentum in the time since it visited $6,500, which has allowed major altcoins like XRP to similarly put some distance between their current prices and their recent lows.
It may have been Thanksgiving on Thursday, but Bitcoin (BTC) held its ground, managing to make a number of key time frame closes above the key $7,400 support level. As of the time of writing this, CoinMarketCap reports that the cryptocurrency is trading for $7,550, up a mere 0.
Since November 25, the Bitcoin price has increased by slightly more than 13 percent. After trading in a range for a couple of days, it initiated a breakout and moved above its previous trading range.
Bitcoin continues to advance on Thursday, following yesterday’s surge above $7,500. Traders quickly brushed aside the news of the UpBit exchange hack, and focused on more positive developments such as fresh record trading volumes on Bakkt’s Bitcoin futures exchange.
The leading crypto asset by market cap, Bitcoin, is once again trading in the low $7,000 range after taking a short trip below the level to as low as $6,500 before rebounding to the current price of $7175.
This post is sponsored by Bexplus: Hong Kong-based margin trading platform which provide users with crypto futures trading services. Register now and get a $100 deposit bonus. On October 23-25th the Bitcoin has been changing hands at range of $7,300-7,500 per 1 BTC.
The total crypto market cap is currently correcting higher from the $170. 0B support area. Bitcoin price is up around $250 and it is now trading near the $7,000 resistance area. EOS price jumped from the $2.
Ethereum is declining and it recently failed to recover above the $155 resistance against the US Dollar. Bitcoin price is now trading well below the $7,000 level and tested the final $6,500 bearish target.
Late last month, Bitcoin (BTC) saw a jaw-dropping trading session, with the cryptocurrency’s price gaining 42% in a 24-hour time frame; this was BTC’s best daily performance in over six years.
Bitcoin price is currently in a downtrend below the $9,100 pivot level against the US Dollar. The price is trading well below the $8,500 support and the 100-day simple moving average. There is a crucial bearish trend line forming with resistance near $8,880 on the daily chart of the BTC/USD pair (data feed from Kraken).
Bitcoin price is not showing any signs of recovery as it now trades below $8,500. Since hitting $10,500 on Oct. 26 following Chinese President Xi Jinping promoting blockchain technology, BTC price has been on a constant decline.
After an extended period of trading sideways around $8,500, Bitcoin’s bulls have begun to fight back, pushing the crypto towards $8,700. In spite of this upwards movement today, it is important to note that BTC has not yet been able to climb back above its previous support level around $8,800.
As you likely know, Bitcoin (BTC) has been bleeding out over the past few months, drawing down from $14,000 all the way to $8,500, where the cryptocurrency is priced at now. Just a few weeks ago, the asset was trading as low as $7,300.
Bitcoin is continuing its downward momentum that started on Oct. 26 after hitting $10,500 in a sudden burst of gains, driven by Chinese President Xi Jinping publicly promoting blockchain technology.
Despite experiencing a tough day of low prices, Grayscale’s Bitcoin Trust maintains at $2. 23 billion AUM. According to a recent report released by the cryptocurrency investment company dated November 15, its Bitcoin product only suffered a 1.
Another week, another round of Crypto Tidbits. The past seven days were rather painful for Bitcoin (BTC), with the leading cryptocurrency tumbling by some 4% according to Coin360. Altcoins have posted similar losses.
Bitcoin price continues to struggle since hitting $10,500 on Oct. 26, after a surge of 42%. The leading cryptocurrency has been on a constant decline ever since, dropping under $8,400 yesterday. Currently, BTC/USD is trading at $8,457 with 24 hours loss of 1.
The total crypto market cap is currently declining and it could test $220. 0B support. Bitcoin price is under pressure and it is likely to break the $8,500 support area. EOS price is now trading near the $3.
Bitcoin price is trading in a bearish zone below the $8,960 support area. BTC to USD is likely to decline further and it might continue to decline towards $8,500. Key Takeaways: BTC/USD Bitcoin price is struggling to correct higher and is trading well below $8,960 against the US Dollar. BTC/USD is facing a strong resistance […]
Bitcoin and the aggregated crypto markets have been caught in a firm bout of sideways trading for the past couple of weeks, with BTC trading firmly within a long-established trading range between $9,000 and $9,500.
Stocks lurched into the red during midday trading on Wednesday. Wall Street recoiled to a Reuters report that darkened trade war sentiment. The Dow, S&P 500, and Nasdaq are all heading toward losses.
Futures on the Dow and S&P 500 edge slightly lower in overnight trading. America’s so-called ‘growth recession’ could prolong the business cycle and make certain stocks attractive over the long haul, according to Credit Suisse.
A custom technical signal that has predicted Bitcoin’s price trends to a tee over the past six weeks is printing a buy, implying that BTC may soon mount higher. The indicator doesn’t show where Bitcoin is headed, but there are some analysts expecting the cryptocurrency to reenter the $10,000 range in coming trading sessions.
Since topping at $10,500 last week, Bitcoin (BTC) has been in a relative state of calm, trading within a tight range between $9,000 and $9,500. Despite this consolidation above the 200-day moving average, which many analysts would call more bullish than bearish, some fear that the crypto market’s charts are flashing warning signs.
Since topping at $10,500 last week, Bitcoin (BTC) has been in a relative state of calm, trading within a tight range between $9,000 and $9,500. As of the time of writing this article, the leading cryptocurrency is changing hands for $9,250, trading 1% up on the day.
Bitcoin (BTC) saw a boost to its volumes in October, especially during the last volatile week of the month. Delphi Digital suggests more active trading may suggest the market bottom is already behind us.
Last week, Bitcoin (BTC) suddenly shot higher, surging from $7,300 to $10,500 in under 24 hours’ time in a monumental move. One minute, the cryptocurrency was down in the doldrums; the next, it was trading sky-high in a move that the optimists said would lead to a rally to $20,000 and beyond.
Since surging to $10,500 on Oct. 26, Bitcoin has been trading above $9,000 levels. Currently, we are down by 2. 39% while managing the daily trading at $501 million. The same week, Bitcoin hit $10,500, the price saw a five-month low.
Bitcoin price is currently correcting lower and is trading below $9,500 against the US Dollar. The price is likely to decline further towards $8,700 before it could rise again. Yesterday’s highlighted key bearish trend line is intact with resistance near $9,460 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The total crypto market cap is consolidating below the $245. 0B and $250. 0B resistances. Bitcoin price is facing a strong resistance near the $9,400 and $9,500 levels. EOS price is currently trading in a range above the key $3.
Ethereum price is rising steadily and trading well above the $188 support against the US Dollar. Bitcoin is facing hurdles near $9,500, but it is likely to continue higher in the near term. There is a new bullish trend line forming with support near $187 on the hourly chart of ETH/USD (data feed via Kraken).
Last weekend, Bitcoin (BTC) saw a historic move: in under 24 hours, the leading cryptocurrency shot higher by 42%, finding itself trading at $10,500 after falling as low as $7,300. This marked Bitcoin’s fourth-largest daily move in its history, and the largest move upward since 2011.
Komodo, an open-source blockchain platform and technology ecosystem, has announced that a total of more than 1,500 KMD in prizes will be given away in a community stress test of their non-custodial trading protocol, AtomicDEX on October 31st from 12 pm GMT to 6 pm GMT.
Bitcoin price is gaining bullish momentum and is trading above $9,500 against the US Dollar. The price is facing a strong resistance on the upside near the $9,820 and $9,850 levels. There is a crucial bullish trend line forming with support near $9,500 on the hourly chart of the BTC/USD pair (data feed from Kraken)....
According to data collected since 2013, Bitcoin generates most of its annual performance during just 10 days out of the entire year. It seems like its performance in the past few days that this theory still holds up.
Bitcoin has seen an absolute whirlwind of the past 48 hours. As you likely know, the leading cryptocurrency has traded within a massive $3,300 price range as crypto markets have incurred their latest bout of volatility after weeks of lull.
Bitcoin price is showing bearish signs and still trading below $7,500 against the US Dollar. The price is facing a lot of hurdles on the upside near $7,500 and $7,600. There is a major bearish trend line forming with resistance near $7,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The total crypto market cap declined heavily and settled below the $205. 0B support area. Bitcoin price is trading in a bearish zone and facing hurdles near $7,500 and $7,600. Litecoin (LTC) price is correcting higher, but it could face resistance near $50.
Bitcoin price is consolidating above the $95,000 support zone. BTC must settle above the $100,000 level to start a fresh increase in the near term. Bitcoin started a fresh increase from the $94,200 zone.
Bitcoin price started a fresh upward move above $100,000. BTC is facing resistance at $103,000 and might aim for an upside break. Bitcoin started a decent upward move above the $100,000 zone. The price is trading below $103,200 and the 100 hourly Simple moving average.
Bitcoin price settled above the $100,500 resistance zone. BTC is consolidating gains and might aim for a fresh increase above the $105,000 zone. Bitcoin started a downside correction from the $106,800 zone.
Bitcoin price started a short-term downside correction from the $106,250 zone. BTC is consolidating above $100,000 and might aim for a fresh increase. Bitcoin started a downside correction from the $106,250 zone.