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Bitcoin Lags Behind Flourishing S&P 500, Signaling Potential Bullish Catch-Up
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Lags Behind S&P 500, Signaling Potential Bullish Catch-Up

Semilore Faleti
Semilore Faleti
10 months ago
3 mins read
Bitcoin

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Bitcoin has managed to record some price gains in the last week following a brutal market sell-off at the start of July which saw the crypto market leader lose 10% of its price on July 5.  At the moment, analysts continue to roll out observations and predictions that suggest that Bitcoin may soon pull off a market rebound and perhaps eventually embark on a highly-expected bull run.

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10 months ago

Bitcoin’s ‘Rare’ Underperformance Hints At Possible Bullish Rebound 

In an X post on Friday, prominent blockchain analytics company Santiment provided some intriguing insights into Bitcoin’s recent price behavior. Santiment stated Bitcoin is largely behind the S&P 500 and other equities in relation to price performance, a development which they described as a “rare sight” over the last three years.

 

📊 Despite a mild recovery to end the week, Bitcoin's recent dip came as the S&P 500 and equities continued to flourish. This has been a rare sight for the past 3 years, with most of crypto's runs coming in tandem. BTC lagging behind suggests an eventual bullish catch up period. pic.twitter.com/q4FnwmZMpK

— Santiment (@santimentfeed) July 12, 2024

As earlier stated, Bitcoin’s current massive price dip can be attributed to a large-scale market sell-off mainly by the German Government who have now completely offloaded their total BTC holdings valued at $2.9 billion. 

Furthermore, the defunct crypto exchange Mt. Gox which collapsed in 2014, finally began the repayment of a $9 billion debt to creditors in BTC and BCH, the majority of which were expected to be sold, thus a prompting massive selling pressure. While Bitcoin showed some resilience this week gaining by 2.88%, the premier cryptocurrency still trails the positive price performance of the equities market on a larger timeframe.

For context, Santiment explains that Bitcoin has declined by 19.4% in the last five weeks while the S&P 500 has recorded a 5.4% gain within that same period. However, as this development has been a rare occurrence in the last three years as both assets usually moved in tandem, Santiment suggests Bitcoin may experience a “bullish catch-up period.”

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Bitcoin Price Trajectory Remains Bearish, $49,000 Liquidity Zone Looms As Next Downside Target

10 months ago

Bitcoin To Challenge 1.5-Month Downtrend

In other news, crypto analyst Rekt Capital has noted that Bitcoin is currently battling to end a downtrend stretching over the last one-and-a-half month. During this period the premier cryptocurrency has lost over 18% of its price.

According to Rekt Capital, Bitcoin has attempted to break out of this downtrend multiple times including three times in the last three days. If Bitcoin eventually pulls a trend reversal, the market leader may be set for full price recovery reaching as high as $71,000.

At the time of writing Bitcoin trades at $58,170 with a 1.69% gain in the last day. However, this mild price pales in comparison to the comparison which has surged by 30.81% to a price of $5,615 in the last 24 hours.

Bitcoin
BTC trading at $58,147.44 on the daily chart | Source: BTCUSDT chart on Tradingview.com

 Featured image from The Economic Times, chart from Tradingview.com

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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
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