Bitcoin Price Continues To Drop With Seven Daily Red Candles

2022-8-6 06:00

As equities continue to bid, bitcoin’s price action has started to meaningfully turn over, but while the S&P 500 rallies while bitcoin doesn’t follow.

The below is an excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazine's premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

Bitcoin And The S&P 500

In our latest monthly report, which focused extensively on the evolving macroeconomic environment, we highlighted the strong correlation between bitcoin and equities over the course of 2020, while also referring to bitcoin as a quasi-24/7/365, inverse VIX (currently). Generally, this means that when equities are bidding, bitcoin has gotten a lift as well; and when equities are selling off (likely alongside a rise in the VIX), bitcoin would face downside pressure as well.

Market participants should recall that following the implosion of LUNA/UST, bitcoin was consolidating around the $30,000 for nearly a month before equity market volatility increased as stocks took a new leg lower, which pulled bitcoin down without key support.

Generally, when equities are bidding, bitcoin has gotten a lift as well

So what stands out in the current trend? Well, both markets have exogenous variables that can affect price and historical realized correlations. As equities continue to bid, as a result of passive flows and a squeeze of late bearish positioning, bitcoin’s price action has started to meaningfully turn over, with its derivative market short squeeze largely occurring already.

Bitcoin notably is in the midst of its seventh red daily candle in a row (lower closing price than opening).

Bitcoin had seven straight daily red candles while the S&P 500 had a small uptrend

Given that equities have been in a broader uptrend, the underperformance over the short term is concerning for bulls, as one should ask themselves where bitcoin will trade if/when equity markets turn lower and/or legacy market volatility significantly increases.

While this issue is focused less on long-term fundamentals and more on short-term price action, this aligns with our broader market thesis that risk assets haven’t bottomed, as covered in our July Monthly Report. Macro rules all at the current moment, and given bitcoin’s still nascent place as a mere pond amid a global ocean of total assets, realized correlations and relative underperformance are expected and noteworthy, respectively. 

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 68545.36 (+0.02%)
Объем 24H $28.908b
Изменеия 24h: 0.72 %, 7d: 1.03 %
Cегодня L: $68278.22 - H: $68590.47
Капитализация $1350.736b Rank 1
Цена в час новости $ 23205.96 (195.38%)

bitcoin price turn meaningfully started follow doesn

Источник: bitcoinmagazine.com

bitcoin price → Результатов: 126


Bitcoin Price Prediction: Expert Spotlights “Very Good” BTC Buying Opportunity Amid Ethereum (ETH) ETF Frenzy – Here’s His Outook

Bitcoin’s price trajectory remains a topic of intense speculation, with analysts closely monitoring market patterns and key events. In a video analysis, top analyst Crypto Rover delved into Bitcoin’s price trends, potential breakout scenarios, and the impact of the upcoming Ethereum spot ETF decision.

2024-5-20 18:30


Bitcoin Price Trajectory: Is a Major Shift Looming? Expert Highlights These Key BTC Trends

Bitcoin, the world’s largest cryptocurrency, finds itself in a precarious position as it approaches the weekly closure, threatening to register its fourth consecutive red candle. This rare occurrence has sparked concerns within the crypto community, prompting experts like Sjuul of AltCryptoGems to analyze Bitcoin’s price action on higher timeframes.

2024-4-28 19:30


Bitcoin (BTC) price prediction after breaching $72k

Bitcoin price forecast points to a possible $82,000. Ten days remain to the much anticipated Bitcoin halving event. Kangamoon, a new meme coin, has raised over $4M in its ongoing presale taking advantage of the crypto hype created by Bitcoin’s price surge Bitcoin (BTC) has been making significant waves in the cryptocurrency market, with its […] The post Bitcoin (BTC) price prediction after breaching $72k appeared first on CoinJournal.

2024-4-8 15:15


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Memeinator due to list on Uniswap and MEXC today

Key takeaways  The Memeinator presale has raised more than $7.7 million Memeinator is scheduled to list on both Uniswap and MEXC at 3pm UTC today A second staking pool also opened yesterday, offering up to 60% APY Memeinator will list on Uniswap and MEXC today With Memeinator wrapping up its presale after raising a staggering […] The post Memeinator due to list on Uniswap and MEXC today appeared first on CoinJournal.

Bitbot presale now in final stage, prepares for exchange listings

Key takeaways  The Bitbot presale is now in its final stage, with nearly $4 million raised so far. The team is already preparing to list the native token on crypto exchanges. Bitbot presale approaches its end The Bitbot presale is slowly coming to an end, with the last stage almost completely sold out.