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Bitcoin: BTC Awaits The Next Move In S&P 500 (SPX) (February 2020)
Bitcoin is trying really hard not to fall below $9k. It has already declined significantly these past few days and the bulls have clearly lost control. The 4H chart for BTC/USD shows that the price may now be trading in a new ascending channel. We have yet to see if it will hold but for now there is a very high probability that we might see a decline below $9,000 to the bottom of the ascending channel. The market seems to be waiting on the next signal from the stock market. If the S&P 500 (SPX) begins another day in the red, that is going to be brutal for the cryptocurrency market especially if the index falls towards the 200-day moving average.
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