Bitcoin (BTC) presents an optimistic technical outlook on the 4-hour chart. After reaching a double bottom around $74,430, the price broke the neckline at $81,180, forming a bullish flag pattern. This pattern suggests a potential continuation of the uptrend.
Currently, the $BTC is quoted at approximately $88,237.00, with an intraday appreciation of 4.35%. The breach of resistance at $85,000 reinforces the bullish structure, with the Bollinger Bands expanding, indicating an increase in volatility. The MACD also shows strong buying momentum, with the MACD and signal lines ascending and separated, confirming sustained buying interest.
Based on these indicators, BTC may be aiming for the range of $90,000 to $92,000, which previously served as a significant support zone.
The altcoin market also shows promising signs. Indicators such as increased trading volume, positive price movements, and bullish crossovers on the MACD suggest the start of a new bull run soon.
As Bitcoin continues to mature as a financial asset, its correlation with the S&P 500 is likely to remain significant, especially in times of economic uncertainty. Investors should monitor this relationship to make informed decisions and adjust their strategies according to market conditions.
In summary, the current correlation between Bitcoin and the S&P 500 highlights the importance of an integrated approach in investment analysis, considering both cryptocurrency and traditional markets.
Recently, the S&P 500 formed a "death cross," where the 50-day moving average crossed below the 200-day moving average, a technical signal traditionally considered bearish. However, historical analyses indicate that, after such crossovers, average returns in the subsequent periods of 3, 6, and 12 months tend to be positive, with a success rate of 72% after one year.
Bitcoin remains technically strong, but with its trajectory increasingly intertwined with global markets. While the S&P 500 shows mixed signals, BTC leads with renewed potential — a harbinger that a new bull run may be forming on the horizon, with Bitcoin ahead of the pack.