Spot bitcoin fell 1.45 percent to $9,501 as of 0900 UTC as the U.S. dollar rebounded from its seven-day plunge.The cryptocurrency’s downside move surfaced ahead of a fresh U.S. trade and unemployment data release at 0830 ET on Thursday.The U.S. stock market, which remains positively correlated to bitcoin, also dived as investors booked short-term profits.Bitcoin…
Bitcoin faces a critical second half of the year as its correlation with the S&P 500 index nears 43 percent.While both markets have rallied impressively from their March 2020 lows, they are far from confirming a V-shaped recovery due to resurgence in the COVID cases.Meanwhile, the Federal Reserve’s fiscal support measures are ending in July,…
The correlation between Bitcoin and the S&P 500 has proven to be dangerous for the first-ever cryptocurrency. It even helped to drag down the asset during the Black Thursday collapse.The crypto asset’s new bull market on the horizon. Yet the correlation with the stock market is once again nearing all-time high levels and at risk…
Bitcoin price could hit $18,000 if it continues to maintain its positive correlation with the S&P 500, says mysterious analyst PlanB.The creator of the popular stock-to-flow model highlighted a 95 percent r-squared correlation between the two assets.He added that the global central banks’ unprecedented quantitative easing policy serves as a basis of rallies in both…
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A shockingly similar fractal from the S&P 500 during the 2008 recession Bitcoin was born from is playing out across the cryptocurrency’s price chart.If the first-ever crypto asset continues to follow the same path as the SPX did back then, Bitcoin will set a new all-time high record before the end of 2020.S&P 500 Recession…
In this episode of NewsBTC’s daily technical analysis videos, we examine how Bitcoin is trading against other currency pairs and not USD. We also look at BTC against WTI Crude Oil and the S&P 500. Take a look at the video below: VIDEO: Bitcoin Price Analysis (BTCUSD): September 28, 2022 The market continues to be shaken…
Bitcoin’s latest bearish correction is threatening to break below a crucial support level known as the 50-weekly moving average.The cryptocurrency’s two out of three breaks below the said technical floor resulted in more than 50 percent price crash.That puts bitcoin under the risks of falling towards $6,000 in the medium-term.A historically accurate technical indicator is…
Stimulus money pouring into assets like stocks, gold, and cryptocurrencies are having a dramatic impact on valuations. But as well as Bitcoin and precious metals are performing, it is Ethereum that has brought the largest return on investment since stimulus checks were issued. Exactly how much would $1,200 invested in Ethereum have earned savvy investors,…
Bitcoin could break above $10,000 in the next quarter.The upside sentiment matures as the S&P 500 hints at painting a super-bullish Golden Cross in July 2020.The U.S. benchmark’s growing correlation with Bitcoin could help it attempt a breakout towards $20,000.As bitcoin repeatedly struggles to close above $10,000, the S&P 500 is paving the way for…