Bitcoin and S&P 500 may swoon together

As a proxy and correlation for ‘risk-on’ and risk-off’ sentiment, Bitcoin is once again poised at a support level (~$38,000) worth watching.

And more so, as it remains in a medium term downtrend.

Failing to hold this near term support, Bitcoin should visit the $29,700 (+/- $250) area.

Such a 24% decline should coincide with my previous writings about a 20% decline in the S&P 500.

March 11, 2022
by Rob Zdravevski
rob@karriasset.com.au