Bitcoin to Follow SPX Higher This Weekend?

Written by Justin Bennett

|   Last Updated June 2, 2023

·      June 2, 2023

Written by Justin Bennett 

|   Last Updated June 2, 2023


Despite Bitcoin being sideways for months, the chart has given us several favorable opportunities lately.

One of them occurred after my last blog post on May 31st.

We were looking for shorts following the confirmed deviation above $27,500, and the resistance area I pointed out was between $27,300 and $27,500.

Here’s the chart from May 31st:

BTCUSDT 4h 5.31.23
Bitcoin to Follow SPX Higher This Weekend? 5

BTC hit $27,343 and reached the $26,500 target 24 hours later.

BTCUSDT 4h 6.2.23
Bitcoin to Follow SPX Higher This Weekend? 6

If you caught the short opportunity, well done!

Since then, Bitcoin bulls have pushed the market off that $26,500 support, and BTC looks ready to move higher.

We also saw the S&P 500 (SPX) rally 1.4% on Friday.

SPX500 daily 6.2.23
Bitcoin to Follow SPX Higher This Weekend? 7

It’s unclear whether the move will hold, but I’m not convinced considering it’s Friday and it’s an upward break of an ascending level, so it’s prone to failing.

That aside, the crypto market may have a delayed reaction to Friday’s SPX rally.

We’ve seen it before, and we’ll see it again.

If so, keep an eye on the $27,200 area, as a sustained break above on the higher time frames would open up $27,500.

That will be a significant test for Bitcoin, but a break above $27,500 exposes the $28,200 region I mentioned last week on Twitter.

So we may see BTC play catch up to the SPX this weekend, but a sustained break above $27,200 and especially $27,500, will be essential to open up higher prices.

Get Lifetime Access to Our Trading Group to watch today’s members-only video on multiple markets including BTC, get direct access to Justin Bennett and over 1,000 traders, exclusive forex and crypto trade setups, and see Justin’s trades in real-time!

BTCUSDT 1h 6.2.23
Bitcoin to Follow SPX Higher This Weekend? 8

Justin Bennett - founder of Daily Price Action

About the author

Justin Bennett started trading in 2002, and let's just say it was a bumpy ride. But in 2010, he had his "aha" moment once he ditched the indicators and focused 100% on price action. Justin has built a following of 100,000+ monthly readers and taught thousands of traders using his simple, no-nonsense approach. He's been highlighted as a top trader by Stocks and Commodities Magazine and regularly featured by Forex Factory next to publications from Bloomberg and CNBC. ...Read More


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