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ATHs Inbound? The S&P 500 has staged a respectable resurgence in the past several days, pumping 3.7% off its Thursday lows and continuing to rally into this week. Crypto markets may be starting off the week flat, but is the TradFi rally foreshadowing gains to come?
BTC did not enjoy gains alongside stocks on Monday, yet is up 12% off its Thursday local lows and is now attempting to break above its 50-day exponential moving average (EMA), the very same technical resistance level that TradFi indexes struggled to crack throughout the end of April.
Correlations between BTC and major indexes have strengthened in recent weeks, indicating that price movements of these different asset classes are occurring in the same direction. Should indexes continue the march higher, the price of BTC will begin moving upwards in short order assuming the correlation manages to hold.
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