Bitcoin ETF

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/understanding-crypto-market-trends-through-bitcoin-sp-500-and-dxy-analysis/" data-wpel-link="internal">Understanding Crypto Market Trends Through Bitcoin, S&amp;P 500, and DXY Analysis</a><br></p>
<p style="text-align: justify"><strong><a href="https://en.coin-turk.com/the-surge-in-funding-rates-of-bitcoin-and-altcoins/" data-wpel-link="internal">Cryptocurrencies</a></strong> are following the path of <a href="https://coin-turk.com/bu-haftanin-12-kritik-gelismesi-kripto-altcoin-ve-bitcoin-hareketlenecek" data-wpel-link="internal">Bitcoin</a>, and there are numerous factors affecting the price performance of <a href="https://coin-turk.com/kafalar-karisik-onumuzdeki-gunlerde-bitcoini-btc-ne-bekliyor" data-wpel-link="internal">BTC</a>. These include macroeconomic developments, US stock markets, the dollar index (DXY), spot <a href="https://en.coin-turk.com/esteemed-investor-forecasts-propitious-date-for-altcoins-bitcoins-dawn-approaches/" data-wpel-link="internal">Bitcoin</a> ETF flows, and much more. Today, to understand the situation on the macroeconomic front, we will examine <a href="https://en.coin-turk.com/bitcoin-price-analysis-analyst-predicts-btc-could-reach-96210-by-2025/" data-wpel-link="internal">BTC</a> price predictions along with S&amp;P 500 and DXY charts.</p> 
<h2 style="text-align: justify" id="sp-500-analysis">S&amp;P 500 Analysis</h2> 
<p style="text-align: justify">There is a positive correlation between the US stock markets and <strong>Bitcoin prices</strong>, and both are significantly affected by macroeconomic developments. Sometimes the S&amp;P 500 starts rallying before <strong>BTC</strong>, signaling early turnaround in risk markets, or it can act as a warning for potential downturns.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-336626 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/04/SP500-grafik.png" alt="" width="1507" height="870"></p> 
<p style="text-align: justify">The index is in an ascending channel and confirmed the upward trend by bouncing off the formation’s support and reaching an all-time high (ATH) on March 28. Although moving averages are inclined upwards, the negative divergence in RSI suggests we might see a correction similar to what BTC is experiencing these days. Upcoming US data on Friday could increase anxiety here.</p> 
<p style="text-align: justify">Closures below the 20-day exponential moving average (5,176) could be a red alert for risk markets. The next targeted area would be the 5,055 region. However, if the channel is breached, doors could open for a new ATH towards 5,450.</p> 
<h2 style="text-align: justify" id="dollar-index-dxy">Dollar Index (DXY)</h2> 
<p style="text-align: justify">The <strong>DXY</strong>, which shows the status of the US dollar against a basket of selected currencies, should be closely monitored. In an environment where the dollar gains strength, the pressure from the Fed on risk markets tends to increase. Since interest rate cuts have not started yet and inflation data for the first two months of the year came in poor, DXY has not suffered significant losses.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-336627 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/04/DXY-Yorumllari.png" alt="" width="1508" height="873"></p> 
<p style="text-align: justify">RSI and upward trending moving averages here also indicate that the bulls have taken control. If buyers can overcome the barrier at 105 (with possible surprise poor data on Friday?), the index could climb to 106 and 107.</p> 
<p style="text-align: justify">Conversely, if the data on Friday is good and DXY breaks below 105, it could slide to the 20-day EMA (104). Below that, a relaxation to 102.5 is expected. Under these conditions, a rise in crypto is anticipated.</p> 
<h2 style="text-align: justify" id="bitcoin-btc">Bitcoin (BTC)</h2> 
<p style="text-align: justify">We highlight important levels for <strong>BTC</strong> several times a day, and our attentive readers are aware of what we are experiencing. Since bulls could not maintain a presence above $71,770 and due to the negativity from ETF outflows, they have waved the white flag. The price has retreated to $64,550. If the decline deepens, we could see a drop to the 50-day SMA ($62,430).</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-336628 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/04/BTC-grafik-yorumlari.png" alt="" width="1507" height="875"></p> 
<p style="text-align: justify">On the other hand, if $69,000 turns back into support and we see closures above $71,770, the $73,777 level could be tested again. This would pave the way for targets of $77,000 and $80,000.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/understanding-crypto-market-trends-through-bitcoin-sp-500-and-dxy-analysis/" data-wpel-link="internal">Understanding Crypto Market Trends Through Bitcoin, S&amp;P 500, and DXY Analysis</a></h5>

Understanding Crypto Market Trends Through Bitcoin, S&P 500, and DXY Analysis

Table of Contents

COINTURK NEWS

Další články publikované 2. 4. 2024

Bitget lists Gram (GRAM) Telegram's TON-based Tokens for Spot Trading (2 Apr)

Analyst Predicts Breakout Rallies for Dogecoin (DOGE) and Two Solana-Based Memecoins – Here’s His...

5 Best Cheap Crypto to Buy Now Under 1 Dollar April 1

Powerloom Surpasses 5200 Snapshotter Lite Nodes, Expands to Base Ecosystem

6 Best Altcoins to Invest in Right Now April 2 – Core, Bittensor, Maker

Polkadot Down More Than 6% Within 24 hours

Join our free newsletter for daily crypto updates!