Did the U.S. Stock Market Just Save Bitcoin? Not Out of the Woods Yet

The $BTC price dipped under the bull market trendline and hit horizontal support below on Monday. A further fall looked likely, however, the U.S. stock market rallied almost to a new all-time high, perhaps supplying the upside sentiment that enabled Bitcoin to bounce back. It’s not out of the woods yet though.

U.S. stock market rally saves the day?

Source: TradingView

The $BTC price came down to exactly retest the $62,250 horizontal support line. From there a nice bounce occurred (probably helped by a buoyant stock market) that took the price back above the bull market support line and up as far as the 200 SMA from where the price has been rejected so far.

If the $BTC price is able to get above the 200 simple moving average, horizontal resistance plus the top of the descending channel are likely to prove tough barriers to further progress.

Yet another lower high could be the result of this move up, and the shorter term Stochastic RSI indicators are signalling a more bearish than bullish price momentum.

… Continue reading the full article at the original source below.