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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A Twitter user going by “MasterChangz” made quite the scare on Twitter on May 24 when he opined that Bitcoin’s “days are numbered” due to the improvement of computational technology. Featured event
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