Bearish S&P 500 Could Drag Bitcoin Further Lower: Glassnode Report

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Bitcoin remains at risk of continuing its downward trend as long as the S&P 500 moves lower, says Glassnode. The on-chain analytics platform asserted that traders with exposure in both Bitcoin and the S&P 500 could use the cryptocurrency to offset their losses in the US stock market. BTC/USD has slipped by more than 20 percent from its YTD high near $10.5K. Source: TradingView.com Glassnode’s statement appeared as both Bitcoin and the S&P 500 plunged in tandem last week against a rising US dollar. Sky-high valuations and overbought technicals caught up with these markets as traders sold the top to secure short-term profits. SPX melted down by as much as 7 percent in just two days of trading, while BTC/USD slipped by 20 percent. Tech Stocks Victor Dergunov, the co-founder of Albright Investment Group – a US-based investment management firm, anticipated the SPX to continue its correction lower as the…

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