Bitcoin Is Expected To Rise In Value This Week.
According to the Santiment analytics team, Bitcoin‘s price rise that began over the weekend may extend as soon as the price of the S&P 500 gets updated on Monday.
On Friday, the leading cryptocurrency rose to over $40,000 and smashed beyond the $41,500 barrier the next day. The cryptocurrency nearly reached $43,000 earlier today before reverting to $42,400. Earlier morning, BTC surged to over $43,000, breaking through a major technical obstacle.
Ethereum, the second largest cryptocurrency, managed to reclaim the $3,000 zone, where it is currently trading.
According to the Santiment team, analytics data suggests that Bitcoin has recently been strongly associated with the traditional stock market, including the Nasdaq Composite Index and the S&P 500.
They have now emphasized that “Bitcoin has an incredibly close tie to the volatile S&P 500,” and traders are keeping a careful eye on this index, anticipating that if it rises, Bitcoin will follow.
On Saturday, Chinese crypto journalist Colin Wu posted that bears had liquidated $90 million in BTC futures, leading him to conclude that the climb above $41,600 at the start of the weekend was mostly driven by the spot market, while the derivatives market stayed relatively chilly at the time.
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Patrick
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