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S&P 500 may trigger a decrease in the price of Bitcoin

13:21 24 六月 /2020

Today, Bitcoin is showing a decline. After an unsuccessful attempt to rise above $9800, the BTC/USD pair fell to a minimum of $9300. At the time of publication, the pair is trading at around $9380.

After Bitcoin reached a maximum of $9798, many traders began to close deals to take profits. This led to the fact that bullish activity fell and the growth did not continue. Moreover, analysts suggest an increase in the downward correction of the BTC/USD pair in view of the close correction of Bitcoin and the S&P 500 index.

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Before the opening of the American trading session, futures on the S&P500 index fell by 0.87%. At the same time, analysts do not exclude the continuation of the decline in the index due to negative sentiment on the prospects for the economy of the United States, Europe, and China.

A decrease in the S&P 500 will lead to a decrease in the price of Bitcoin, as it was before. To cover losses, traders will sell the most profitable asset from their portfolio. This asset is Bitcoin.

At the same time, analysts do not predict a large decrease in the price of Bitcoin. They suggest that the $9000- $ 8600 area provides enough support for Bitcoin.

It is also worth noting the fact that compared to March 2020, the market has more liquidity. And in the event of a decrease in the S&P 500 index, investors will try to invest in bitcoin to save their dollar savings, making the cryptocurrency a safe haven, like gold, against the falling S&P 500 market.

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