The S&P 500 just broke a critical resistance; here’s what this could mean for BitcoinBTC $8826 (-1.2%) • ETH $202 (-1.8%) • XRP $0.19 (-1%)
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Despite the global economy being virtually frozen, the S&P 500 and all other benchmark stock indices have been able to rally today, smashing through critical technical levels and potentially creating shockwaves that boost Bitcoin. This rally has allowed the S&P 500 to surmount two key moving averages that were previously suppressing its price action, leading some analysts to believe that it will see further upside in the mid-term. Because Bitcoin’s striking correlation to this index has persisted in recent times, this could be a positive factor that works in BTC’s favor.
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The S&P 500 just broke a critical resistance; here’s what this could mean for Bitcoin