Does Bitcoin (BTC) follow the S&P 500 to an all -time high?

Does Bitcoin (BTC) follow the S&P 500 to an all -time high?


The most important thing shortly:

  • Bitcoin should increase. The S&P 500 starts July with optimism because it has been green in the past ten years.

  • The maximum losses for BTC/USD are currently below 10 %.

  • According to dealers, weak price movements at the beginning of the month are no need to worry.

Bitcoin (BTC) Dealer await you of the best months of the year, even if July starts with a minus.

The latest BTC course forecasts say that BTC/USD copies the US stock markets and will make new profits in the coming month.

Bitcoin-Trader: BTC course follows share development

Bitcoin is likely to end July with a significant upward movement, since solid returns for risk systems can be expected in the next 30 days if one is based on the past.

As the dealer Mikybull Crypto stated, the seventh month of the year has proven to be successful for US shares, since the S&P 500 ten “Green” recorded July months in a row.

July was even more lucrative than May and June, both of which have only ended “red” for the S&P 500 since 2015.

With BTC/USD, the picture is a little more mixed. The data of the monitoring resource CoinGlass show that there were large fluctuations in price development in May and June, while July was better with maximum losses under 10 %.

“Bitcoin is about to outbreak and will probably follow the example of the S&P and reach new ATHs in July”, divided His colleague Crypto Fella with his X-followers at the weekend.

Monthly returns from BTC/USD (screenshot). Source: Coinglass

Double Top und Double Bottom bei Bitcoin

Despite the optimism, July started rather lackluster for BTC/USD. It is currently at a monthly low of less than $ 106,500.

Read too: Bitcoin forecast for July – that is what Chatgpt & Grok say

Coinglass has confirmed that support from $ 106,200 is there, whereby Shorts over $ 108,000 have not yet been touched.

Heatmap of the BTC/USDT liquidations. Source: Coinglass

The dealer Daan Crypto Trades cannot be put off by the absence of new attacks on the all -time highs and commented on the current development.

“Further consolidation in this current area and channel”, wrote He on X.

“In a new month and quarter we often see a restless start that the course later chooses a direction. Add some time to the whole and pay attention to confirmations.”

BTC/USDT 4-study-Chart. Source: So Horse Treat Trades/X

The trader and commentator Trader Tardigrade sees the potential for further support tests, whereupon there should be a resolution.

Read too: Where can you buy Bitcoin: The best BTC providers 2024

“Bitcoin has formed a double top and a double bottom pattern within the consolidation range between $ 101,000 and $ 109,000″, ” noted He in a comment on a 3-day chart of BTC/USD.

“The internal support/resistance could be tested again before the high of the range is broken by $ 109,000.”

BTC/USD 3-day chart. Source: Trader Tardigrade/X

This article does not represent investment advice or recommendation. Every investment and every trade go hand in hand with a risk. You should research yourself before making a decision ..