What is going on with Bitcoin?
|Today there is a lot of focus on the US data, especially the US ADP number, which is expected to print a solid reading, which would mean that the US dollar index may pick up more strength. Bitcoin also seems to be losing some correlation with the S&P 500 index, which has been positive more lately but bitcoin hasn’t, which is another matter of concern. Last month, the equity markets recorded another decent month, whereas Bitcoin failed to score gains, and this is all mainly because there isn't much momentum in this trade for now. But this doesn’t mean that Bitcoin is going to move massively lower as the price still continues to trade above its 200-day SMA, but the battle is on with the 100-day SMA, which it seems to be losing now.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.