. The larger sell-offs from the zone are not ideal, I agree with that. But I think real world events may have exacerbated our last sell-off.
2. The corrective moves up are def throwing off many. I've addressed this here: https://t.co/xMw4KzMwPm
— Credible Crypto (@CredibleCrypto) June 16, 2020
Bitcoin’s latest attempt to breach above $10,500 came at a time when the U.S. stock market was correcting lower from its overbought levels. The cryptocurrency, which formed an erratic positive correlation with the S&P 500 index, merely tailed the downside.
On late Monday, both Bitcoin and the S&P 500 recovered in tandem after the Fed revealed it would begin buying individual corporate bonds. Futures tied to the U.S. benchmark hinted a rally continuation after the New York opening bell Tuesday. It left Bitcoin with a similar upside bias.