News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.84%, while traders in GBP/JPY are at opposite extremes with 76.20%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/IMWFZ1FT51
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/FxRLDVBvLq
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.58% 🇦🇺AUD: 0.56% 🇪🇺EUR: 0.35% 🇨🇦CAD: 0.29% 🇬🇧GBP: 0.29% 🇯🇵JPY: 0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/5fwfLGIp36
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: France 40: 0.15% Germany 30: 0.13% FTSE 100: 0.09% US 500: 0.01% Wall Street: -0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/v4CQ9vY94q
  • Further your forex knowledge and gain insights from our expert analysts @ddubrovskyFX and @FxWestwater on JPY with our free Q4 market analysis guide, available for free today.https://t.co/mzeJ5x73N3 https://t.co/hF59qq3gyG
  • The Fed 2022 rate forecast is at nosebleed levels, but the Dollar still isn't following along. Will it be drug lower if the outlook sours? And what will happen to the S&P 500 as it closes back in on its record high? https://www.dailyfx.com/forex/video/daily_news_report/2021/10/19/SP-500-Rally-to-Record-Will-Flag-Dollar-Anchored-as-Fed-Forecasts-Surge.html https://t.co/5QL5QSMFnc
  • Markets move in cycles, and stocks do too, with certain sectors carrying more attraction in various backdrops. Learn more here:https://t.co/HMyeIy09Wm https://t.co/qCYioLzj2f
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 0.85% Gold: 0.39% Oil - US Crude: -0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/YY6JSwEzA8
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.43% 🇦🇺AUD: 0.39% 🇬🇧GBP: 0.20% 🇪🇺EUR: 0.19% 🇨🇭CHF: 0.17% 🇯🇵JPY: 0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/rt5z1zLiE0
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.32%, while traders in GBP/JPY are at opposite extremes with 74.70%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/HABEfndEWn
Bitcoin Price Chart: Will BTC/USD Fall With S&P 500 Index?

Bitcoin Price Chart: Will BTC/USD Fall With S&P 500 Index?

Dimitri Zabelin, Analyst

Bitcoin Analysis, S&P 500 Index, BTC/USD – TALKING POINTS

  • BTC/USD briefly touched key 10,000 marker and then subsequently retreated
  • Bitcoin uptrend may be at risk as pair shies away from resistance at 10540.49
  • S&P 500 slope of appreciation at risk as equity index stalls at a familiar level

Bitcoin Analysis: Will BTC Fall With Equity Markets?

Since bottoming out at a 12-month low, Bitcoin has risen over 100 percent and has been carried higher by a modestly-stable uptrend – at least when compared to the S&P 500, but more on that later. The pair recently crossed the highly-watched 10,000 checkpoint, though BTC/USD subsequently retreated and has been trading sideways ever since.

BTC/USD – Daily Chart

Bitcoin Price Chart: Will BTC/USD Fall With S&P 500 Index?

BTC/USD chart created using TradingView

However, looking at a weekly chart shows that Bitcoin is approaching a critical price juncture where the integrity of the uptrend may be tested as BTC/USD comes up against resistance at 10168.35. Failure to clear that obstacle and the tier above it at 10540.49 could lead to BTC/USD invalidating the slope of appreciation. That break could mark a shift in the pair’s short-term trajectory and lead to a broader pullback.

BTC/USD – Weekly Chart

Bitcoin Price Chart: Will BTC/USD Fall With S&P 500 Index?

BTC/USD chart created using TradingView

Bitcoin may also fall not only because of a possible loss in risk appetite, but a stronger US Dollar could weaken the BTC/USD exchange rate. While the US Dollar index (DXY) is at an 11-week low, a comeback could be in the cards. If investors’ priorities shift from holding a relatively higher-risk asset like BTC to a more liquid and stable one like the Greenback, BTC/USD may end up facing heightened liquidation pressure.

S&P 500: Will Stocks Drop?

The multi-trillion dollar question on everyone’s mind is will the S&P 500 retest its pre-selloff high? The simple answer is: no one knows. However, recent price action shows that the benchmark equity index is experiencing friction at a familiar stalling point going all the way back to early January at 3226.00. Failure to clear it will mean retesting the durability of the uptrend that brought it to its current level.

S&P 500 Index Futures – Daily Chart

Bitcoin Price Chart: Will BTC/USD Fall With S&P 500 Index?

S&P 500 Index Futures chart created using TradingView

Using a weekly chart shows how spectacular the S&P 500’s almost-90 degree recovery has been, but the 3226.00 stalling point on this wider timeframe appears also to be technically significant. Clearing it could open the door to retesting the swing-high at 3391.75. However, if the ceiling at 3226.00 holds and the uptrend cracks, a broader pullback may ensue.

S&P 500 Index Futures – Weekly Chart

Chart showing S&P 500 Index

S&P 500 Index Futures chart created using TradingView

--- Written by Dimitri Zabelin, Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitriTwitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES