BTC and ETH Surge After US Stock Market Winds Down

The blockchain intelligence firm Santiment tweeted yesterday evening that the crypto market showed signs of life shortly after the US stock markets winded down. The tweet added that the crypto market leader Bitcoin (BTC) had also made a move towards $28.5k and the altcoin leader Ethereum (ETH) climbed towards $1,900.

The crypto markets have historically had a close correlation with the S&P 500 – echoing the movements of the index. However, Santiment’s recent tweet suggested that the crypto market may be in the early stages of breaking its correlation with the S&P 500.

At press time, CoinMarketCap shows that the global crypto market has risen 2.75% over the last 24 hours – taking the total to approximately $1.18 trillion. Furthermore, the prices of BTC and ETH have risen over the last 24 hours as well.

Currently, BTC is trading at $28,382.50 following a 3.41% increase in the past day. Meanwhile, ETH’s price stands at $1,868.73 after it climbed over 2% in the last 24 hours. BTC’s price was almost able to reach $28.5k and set a 24-hour high of $28,463.48, but retraced slightly to its current level. During this time, ETH was also only able to reach a high of $1,880.17.

Daily chart for BTC/USDT (Source: TradingView)

In related news, BTC’s price has dropped below the 9-day and 20-day EMA lines over the last 7 days. However, the crypto’s recovery in the past day has resulted in BTC’s price trading above the 9-day EMA line once again.

The daily RSI indicator suggests that BTC’s price will successfully break above the 20-day EMA line as well in the next 24-48 hours, as the daily RSI line is currently sloped towards overbought territory. BTC’s price will need to remain above the 9-day EMA line for the next 48 hours for this bullish thesis to be validated.

Disclaimer: The views and opinions, as well as all the information shared in this price Analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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