The S&P 500 Index has reached its highest level in over a year, breaking through long-term resistance. This could potentially signal a resumption of the uptrend in the cryptocurrency market if a positive correlation with Bitcoin is recovered.
The S&P 500 is a widely tracked stock market index that reflects the health of the US economy. Despite the increase, the Relative Strength Index (RSI) has not yet entered overbought territory, and the correlation between the S&P 500 and Bitcoin remains mostly positive, with a negative correlation currently observed since mid-May.
However, if the negative correlation persists, it could indicate a bearish trend for Bitcoin, potentially leading to a retest and even a break through the resistance at $31,000.
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