The S&P 500 Index has gained for five consecutive weeks, while Bitcoin is trading below its local high of $31,000. However, weakness in the U.S. Dollar Index and strength in the S&P 500 could limit the short-term downside in Bitcoin and select altcoins. Analysts expect Bitcoin’s range-bound action to continue, but positive triggers such as rumors of Fidelity Investments following BlackRock in filing for a Bitcoin spot exchange-traded fund could push the price above the range.
– The S&P 500 Index has gained for five consecutive weeks, while Bitcoin is trading below its local high of $31,000.
– Weakness in the U.S. Dollar Index and strength in the S&P 500 could limit the short-term downside in Bitcoin and select altcoins.
– Analysts expect Bitcoin’s range-bound action to continue, but positive triggers such as rumors of Fidelity Investments following BlackRock in filing for a Bitcoin spot exchange-traded fund could push the price above the range.
