Why Crypto Is “Likely To Dump” As It Lags The S&P 500, Expert Says

Bitcoin remains stuck at its current levels. The number one cryptocurrency has been unable to push upwards and could be in danger of revisiting its yearly lows. Related Reading | Outflows Rock Bitcoin As Institutional Investors Pull The Plug, More Downside Coming? At the time of writing, Bitcoin trades at $20,700 with sideways movement in the last 24 hours and the past week. According to crypto analyst Justin Bennett, Bitcoin is hinting at further losses. The cryptocurrency stayed rangebound even as the traditional market rallied. Bitcoin has displayed a high correlation with traditional equities. In particular, the price of Bitcoin seems to be moving in tandem with the Nasdaq 100 and the S&P 500 Index. However, this dynamic has been changing in short timeframes making BTC a lagger as equities trend upwards. Bennett believes this is an indicator of a fakeout, a false upwards movement before a re-test of previous support. At the moment, the analyst claims, there is nothing more important for BTC’s price than equities. Via Twitter, Bennett wrote the following and shared the chart below: Everything for #crypto boils down to this…Does the S&P 500 fail to hold above 3,880? If so, and we get a 1h close below, this latest rally becomes a fakeout, and we likely get the next leg lower for stocks and crypto alike. Everything else is just noise. You could literally trade BTC using nothing but the S&P chart above. A...