Bitcoin to Follow SPX Higher This Weekend?

by Justin Bennett  · 

June 2, 2023

by Justin Bennett  · 

June 2, 2023

by Justin Bennett  · 

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:

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

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.

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.

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