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.
Author
Naeem Aslam
Zaye Capital Markets
Based in London, Naeem Aslam is the co-founder of CompareBroker.io and is well-known on financial TV with regular contributions on Bloomberg, CNBC, BBC, Fox Business, France24, Sky News, Al Jazeera and many other tier-one media across the globe.
