Analyst Explains Why Bitcoin Is Trading Almost Exactly Like the S&P 500

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On Wednesday, Bitcoin was pushing $9,500. The cryptocurrency had finally begun to rally after sustaining a dip to $8,900 on the weekend. Many said that BTC was poised to rally even higher. One trader, for instance, shared charts indicating that Bitcoin was on track to hit $10,500, then $11,500 as bullish momentum ramped up. But the S&P 500 has had other plans for this nascent market. On Thursday, the leading U.S. stock market index plunged at the open. As of the time of this article’s writing, the S&P 500 is down by 0.7%. Bitcoin followed suit, falling in step with the market as can be seen in the chart below. Bitcoin price chart with S&P 500 futures (ES1) overlay from TradingView.com It’s not just on the smaller time frames that Bitcoin trades with the S&P 500. Digital asset investor and fund manager Charles Edwards shared the chart below late last…

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