Bloomberg Strategist Flags Bitcoin’s Tight Link to Stocks

Mike McGlone of Bloomberg Intelligence warned that Bitcoin’s fate remains tied to Wall Street. Over the past five years its price has tracked the S&P 500, yet with three times the volatility.

He highlighted three red flags: resistance near 80,000 dollars, futures markets pricing in 70 basis points of Fed rate hikes, and the S&P 500 trading well above its 200-week moving average.

A 20 % drop in equities could push Bitcoin back toward the 10,000-dollar zone it has tested before. The only way to dodge that scenario, McGlone says, is for BTC to keep rising while stocks fall.

Based on information from https://cryptonews.net