Massive divergence between Bitcoin and S&P 500 What is happening?
https://x.com/GameofTrades_/status/1808893606322921698
2/ In Feb 2024, Bitcoin broke out of its rising channel Alongside the S&P that was making new ATH
https://x.com/GameofTrades_/status/1808893609267404823
3/ In May, the S&P 500 continued to surge for new all-time highs While Bitcoin was moving sideways This created a possibility for BTC to catch up with the market
https://x.com/GameofTrades_/status/1808893612232749269
4/ The last 2 divergences between Bitcoin and the market were in: - Jan 2024 - Jan 2023 In both cases, Bitcoin eventually caught up to the S&P 500 Suggesting we might be in a similar situation now
https://x.com/GameofTrades_/status/1808893614887743847
5/ But Bitcoin failed to break above resistance And started to diverge further from the S&P 500's performance Eventually breaking down into the rising channel again - a warning sign
https://x.com/GameofTrades_/status/1808893617358188702
6/ It is important to remember that there are instances where the S&P 500 eventually corrected down to Bitcoin's level Which was the case in Nov 2021 This highlights the importance of risk management
https://x.com/GameofTrades_/status/1808893620432613747
