Bitcoin (BTC) and major US Equity Indices like Nasdaq and S&P 500 are reported to be forming a death cross, which indicates that the prices could see further declines.
A renowned crypto trader has also predicted that Bitcoin could fall to $65k following a bear wedge breakdown.
The 1.5% drop in the Bitcoin price level has extended its weekly loss to 5.9%, pushing the price down to $82k at press time.
Meanwhile, this headwind appears to transcend the broad crypto market to the US Equity Indices like Nasdaq and S&P 500. According to analysts, assets in these markets look set to be forming a death cross, hinting at a potential bearish extension.
What Happens to Bitcoin and the US Equity Indices?
In a recent update, we discussed the close correlation between Bitcoin and Nasdaq, as they both plunged below crucial resistance levels as Japan’s Yen strengthened along with the rising government bond yields.
According to our market data, a similar correlation exists with S&P
