{"id":11358,"date":"2020-07-09T05:00:36","date_gmt":"2020-07-09T05:00:36","guid":{"rendered":"http:\/\/emilynews.com\/blog\/?p=11358"},"modified":"2020-07-09T19:43:09","modified_gmt":"2020-07-09T19:43:09","slug":"news-commentary-1107-sp-500-may-fall-by-10-what-with-btc","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=11358","title":{"rendered":"News Commentary #1,107 – S&P 500 May Fall by 10%, What With BTC?"},"content":{"rendered":"\n

The chances are that it will fall into a bearish pit.<\/strong><\/p>\n\n\n

After the recent short-term Bitcoin rally, some experts are waiting for a correction that could be caused by the fall of the S&P 500 quite soon.<\/span> It doesn’t matter if you are a trader or a Hodler – you better know about it.<\/span><\/span><\/p>\n

Bitcoin expects to go through a shaky third-quarter on growing worries about a stock market correction.<\/p><\/blockquote>\n

Citigroup sees the S&P 500 rally to drop by at least 10 percent from its current levels, with a worst-case scenario predicting a 20 percent or more decline for the US benchmark index.<\/p><\/blockquote>\n

The monthly correlation between Bitcoin and the S&P 500 is at a record high.<\/p>\n

As Bitcoin blindly tails the moves in the US stock market, the chances are that it will fall into a bearish pit.<\/p>\n

The worrisome analogy appears valid if one looks at the monthly correlation between Bitcoin and the S&P 500. According to data gathered by Skew, it currently stands at 77.1 percent, reflecting a higher likelihood of Bitcoin imitating the moves of the US benchmark index.<\/p>\n

\"bitcoin,<\/a><\/p>\n

Unfortunately, the S&P 500 is at risk of pausing its rally.<\/p>\n

The index has surged by more than 25 percent from its March 23, helped by Federal Reserve\u2019s unprecedented monetary policy to aid the economy through the COVID-induced lockdown.<\/p>\n

Nevertheless, its growth has completely sidelined weak economic fundamentals arising from a record number of bankruptcies, expectations of weaker corporate earnings, and resurgence in COVID cases.<\/p>\n

Strategists expect the S&P 500 to have its moment of reckoning \u2013 a much-awaited bearish correction \u2013 as the third-quarter matures.<\/p>\n

A 10% Drop Underway<\/h2>\n

Investment banking giant Citigroup said in an investor note Tuesday that it expects the S&P 500 to fall at least by 10 percent from its current levels. That would land the US index near 2,900.<\/p>\n

Citi strategist Tobias Levkovich said the S&P 500, at best, could trade in the 2,700-3,200 area, given that the Fed will continue providing monetary support to the economy. If not, the S&P 500 is at risk of declining by as much as 20 percent \u2013 in the 2,500-3,000 vicinity.<\/p>\n

\"bitcoin,<\/a><\/p>\n

S&P 500 is consolidating above 3,000 for more than a month. Source: TradingView.com<\/pre>\n
\u201cThe second wave of debilitating COVID-19 cases that causes either new shutdowns or slower economic recovery would be challenging, not to mention the U.S. elections,\u201d said Mr. Levkovich, adding that \u201cthese are not immediate threats,\u201d nevertheless.<\/p>\n
Bitcoin<\/h2>\n
As Bitcoin follows the S&P 500 with a 77.1 percent accuracy, anything bearish for the US index would mean the same for the cryptocurrency. Furthermore, it may also likely remain under downside risks owing to its short-term technical indicators.<\/p>\n
\"bitcoin,<\/a><\/p>\n
Market analyst Teddy Cleps highlighted two of them in his chart published Wednesday. He noted that bitcoin stands trapped under a descending trendline resistance. Meanwhile, its MACD indicator is also forming a Bear Cross, which signals a sell-off ahead.<\/p>\n
\u201cDon\u2019t let the euphoria blind you, manage your risk by raising your stop losses,\u201d added Mr. Cleps.<\/p>\n<\/blockquote>\n
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The chances are that it will fall into a bearish pit. After the recent short-term Bitcoin rally, some experts are waiting for a correction that could be caused by the fall of the S&P 500 … News Commentary #1,107 – S&P 500 May Fall by 10%, What With BTC?<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":10984,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[4349,3544,4347,4004,3611,4348,4350],"class_list":["post-11358","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-information","tag-2020-crisis","tag-bitcoin-news","tag-bitcoin-sp500","tag-btc-update","tag-crypto-news","tag-crypto-update","tag-economical-btc","exalt-entry"],"yoast_head":"\nNews Commentary #1,107 - S&P 500 May Fall by 10%, What With BTC? - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=11358\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"News Commentary #1,107 - S&P 500 May Fall by 10%, What With BTC? - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"The chances are that it will fall into a bearish pit. 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