S&P 500 Sell Signal May Drag Bitcoin Back Toward Black Thursday Lows

News BTC | May 29, 2020 at 7:00 PM
  • The lingering correlation between Bitcoin and the S&P 500 may be soon coming back to haunt the cryptocurrency market if a chillingly accurate sell signal sends the major US stock index tumbling back towards Black Thursday lows.
  • The major US stock index and the leading cryptocurrency by market cap both have made a sharp, V-shaped recovery – a sign that often indicates a bottom is in.
  • Fears of a false bottom are mounting, however, and an accurate sell signal triggering on the S&P 500 may cause another retest of Black Thursday lows, or worse.