2024

Bitcoin

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<a href="https://u.today/bloombergs-mike-mcglone-sees-bullish-end-in-sight-for-bitcoin-and-ethereum-dips" rel="noopener noreferrer nofollow">Mike McGlone</a>, a Bloomberg intelligence strategist, has recently highlighted an intriguing trend that could have significant implications for the crypto market, particularly concerning the relationship between Bitcoin, gold and S&amp;P 500.
In a recent analysis, McGlone highlighted the slumping Bitcoin/gold cross, particularly to the S&amp;P 500 and its broader implications for risk assets. The analysis also reflects on Bitcoin's rally post-SEC approval of spot Bitcoin ETFs.
According to McGlone, the January U.S. ETF <a href="https://twitter.com/mikemcglone11/status/1788946713937338543" rel="noopener noreferrer nofollow">launches</a> boosted inflows, strengthening Bitcoin's status as a leading indicator. It was a near-perfect storm as Bitcoin attained all-time highs in Q1, but it did not make new all-time highs versus gold and S&amp;P 500, failing to surpass peaks set in 2021.
<blockquote>
 Slumping Bitcoin/Gold Cross vs. S&amp;P 500 - The January US <a href="https://twitter.com/hashtag/ETF?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ETF</a> launches set records for inflows, enhancing Bitcoin's status as a leading indicator, and the hangover may have implications for risk assets. It was a near-perfect storm for the benchmark crypto to make new highs in 1Q,… <a href="https://t.co/0BrCFdMlO8" rel="noopener noreferrer nofollow">pic.twitter.com/0BrCFdMlO8</a>— Mike McGlone (@mikemcglone11) <a href="https://twitter.com/mikemcglone11/status/1788946713937338543?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 10, 2024</a>
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Given that the inflows into the <a href="https://u.today/bitcoin-price-action-explained-heres-real-reason-why-btc-dipped-after-etf-approval" rel="noopener noreferrer nofollow">Bitcoin ETF</a>s have relatively slowed, the hangover may have implications for risk assets, including cryptocurrencies.
McGlone explained that Bitcoin was climbing against gold the last time the S&amp;P 500 e-mini future crossed above its 50-week moving average in November, but now the Bitcoin/gold cross is falling.
The slumping Bitcoin/gold cross, in contrast to the S&amp;P 500's performance, might indicate a potential reversal in risk assets that could have far-reaching consequences.
<h2 id="bitcoin-price-action">Bitcoin price action</h2>
At the time of writing, BTC was down 3.29% in the last 24 hours to $60,779 as the crypto market faced selling pressure. According to crypto analyst <a href="https://twitter.com/CryptoMichNL/status/1789278281860292990" rel="noopener noreferrer nofollow">Michael Van De Poppe</a>, Bitcoin currently trades at a crucial level; failure to hold at $60,000 may result in selling to $55,000 or $52,000, after which the rising trend continues.
In late April, Bitcoin experienced its halving event, which has historically been a chopping sell-the-news event in the immediate term. The fourth halving was no exception, with the Bitcoin price falling shortly after and trading near $57,000. This is the lowest price in the past two months, and the market has been flat since the halving date.
Measured from the above $73,000 all-time high reached in mid-March, Bitcoin prices fell by nearly 20%, which is the deepest correction on a closing basis since the FTX lows in November 2022. Howbeit, <a href="https://twitter.com/glassnode/status/1788557758729437281" rel="noopener noreferrer nofollow">Glassnode</a> deduces that this macro uptrend might be one of the most resilient in history, with comparatively shallow corrections thus far.

Bloomberg Strategist Presents Warning for Crypto per Bitcoin/Gold Cross

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