Bitcoin: we believe BTC’s near-term price action is still largely influenced by the S&P 500. Bennett also says that the S&P 500 looks overall bearish after failing to move above a Key mark.
“The S&P 500 failed to close above 3,900 last wk. Get below this short-term trend line [3,750], and 3,640 is likely next, followed by the 3,400 pre-Covid high. 3,400 is only a matter of time, in my opinion.
A move to 3,400 for the S&P 500 puts BTC at risk of another significant correction.
“3,400 is about 12% below current marks.
The last time the S&P 500 dropped 12%, BTC lost 33%.
That does not mean it will repeat exactly, but a 20%-30% drop from Bitcoin is reasonable if the S&P 500 tests 3,400.”
Have a prosperous day, Keep the Faith!