Bitpush Bitcoin wants to break $10,000, but it needs some more help from the US stock market -

Abstract: According to Bitpush data, Bitcoin, the cryptocurrency with the largest market value, rebounded slightly on Tuesday to break through $9,700, but then fell back and failed to continue to rise.

According to Bitpush data, Bitcoin, the cryptocurrency with the largest market value, rebounded slightly during Tuesday to break through $9,700, but then fell back and failed to continue to rise.

Bitcoin has failed several times in a row when trying to challenge $10,000 above $9,800, which shows the great selling pressure in the upper resistance range. Considering that the correlation between Bitcoin's price and the U.S. stock market has increased recently, if Bitcoin wants to break through again, it may still need more momentum from the stock market.

In the past period of time, crypto analysts have been paying attention to the correlation between Bitcoin and the S&P 500. According to Coinmetrics research, the 90-day correlation between Bitcoin prices and the S&P 500 in mid-May was 0.36. Although this value has declined, if the time period of the study is increased, the correlation between the two is still high.

Although this has cast doubt on Bitcoin's status as an uncorrelated asset, some investors expect that the next wave of stock market rebound will help Bitcoin break through the long-term resistance level of $10,000 in one fell swoop.

PlanB, the crypto analyst who proposed the stock-to-flow model, predicts that the price of Bitcoin will exceed $20,000. He also uses the S&P 500 index in his model. If the index rises further in the near term, his prediction for the price of Bitcoin will also rise.

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AuthorLiang Che

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