The stock market has always been a strong indicator for crypto movements and again this time it might be sending a warning signal for the crypto market, Bitcoin and Ethereum.
According to analyst Bennett, the S&P 500 is struggling to break through its range of highs, and this could spell trouble for cryptocurrencies. If the S&P 500 drops back to the 5,877 region, it might drag crypto prices down with it.
In a recent tweet post, Bennett shared his analysis, highlighting that the S&P 500 is struggling to break past its resistance zone. He pointed out that the most probable outcome is a drop toward the 5,877 level.
The chart clearly shows a rejection at the recent highs, suggesting that a downward move is likely. If this prediction holds, it could mean trouble for risk assets, including cryptocurrencies.
Historically, major moves in the stock market have influenced crypto prices, and this time might be no different. A decline in the S&P 500 could put selling pressure on Bitcoin, Ethereum, and other altcoins.
Bennett specifically mentioned Ethereum in his tweet, implying that its current position in the market could be affected by the S&P 500’s movements. If the stock index drops as predicted, Ethereum could face downward pressure, potentially leading to a significant price correction.
If equities enter a correction phase, investors might reduce exposure to riskier assets, including cryptocurrencies.
Look at Bitcoin’s price it has seen a drop of 2.4% in the last 24 hours, now sitting at $96,313. But what’s interesting here is that Bitcoin’s dominance currency holds a stronger position standing at 61.84%. This suggests that while the overall market is struggling, Bitcoin is still holding its ground better than most altcoins.
Meanwhile, Ethereum price isn’t looking great though as the price dropped 5% in just 24 hours, now trading at $2,623. This decline aligns with the broader market’s weakness, but Ethereum’s sharper fall compared to Bitcoin raises concerns.
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