Crypto Daily – (BTC) recovered wonderfully well from the dip that took it all the way down to $89,000, and is now cruising at $97,000. That said, key resistance is at hand. Will the bulls be able to surmount this and head to a new all-time high, or is another rejection about to take place?
S&P dips to channel bottom
Source: TradingView
One of the major factors that has taken Bitcoin down over the last week or so is the nervousness in the U.S. stock market. Looking at the chart of the S&P 500 it can be seen that last week’s candle dropped 2.65%.
That said, this week’s candle does so far look to be bouncing from the bottom of the ascending channel. The CPI data due out later today will no doubt have a large impact on whether the bounce will continue, or whether the price falls through the bottom of the channel.
It must be borne in mind that whatever direction the stock market chooses to go, Bitcoin will definitely be going the same way.