{"id":427910,"date":"2020-06-19T13:03:10","date_gmt":"2020-06-19T13:03:10","guid":{"rendered":"https:\/\/ktsl888.com\/?p=427910"},"modified":"2024-06-11T09:22:47","modified_gmt":"2024-06-11T09:22:47","slug":"bitcoin-set-to-break-10k-as-sp-500-eyes-golden-cross-next-month","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-set-to-break-10k-as-sp-500-eyes-golden-cross-next-month\/","title":{"rendered":"Bitcoin Braces for Record Rally as Golden Cross on S&amp;P 500 Looks Imminent"},"content":{"rendered":"<ul>\n<li>Bitcoin could break above $10,000 in the next quarter.<\/li>\n<li>The upside sentiment matures as the S&amp;P 500 hints at painting a super-bullish Golden Cross in July 2020.<\/li>\n<li>The U.S. benchmark&#8217;s growing correlation with Bitcoin could help it attempt a breakout towards $20,000.<\/li>\n<\/ul>\n<p>As bitcoin repeatedly <a href=\"https:\/\/ktsl888.com\/2020\/06\/17\/bitcoin-btc-breakout-setup-with-resistance-at-10000\/\">struggles to close above $10,000<\/a>, the S&amp;P 500 is paving the way for it venture into the six-figure region.<\/p>\n<p>So it seems, the U.S. benchmark is on the verge of painting a so-called &#8220;Golden Cross&#8221; for the first time since March 2019. Its 50-day moving average (currently at 2,944.9) is currently trending towards its 200-day moving average (now at 3017.7), looking to crossover in the first week of July 2020.<\/p>\n<p><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/spx-price-19062020-2.png\"><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"wp-image-427911 size-large\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/spx-price-19062020-2.png?fit=860%2C860\" alt=\"s&amp;p 500, spx, bitcoin, cryptocurrency\" loading=\"lazy\"><\/a><\/p>\n<pre>SPX chart on <a href=\"https:\/\/www.tradingview.com\/symbols\/SPX\/?exchange=TVC\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a> hinting to form a Golden Cross pattern in July 2020. Source: <a href=\"https:\/\/www.tradingview.com\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/pre>\n<p>At current points, the 50-DMA is just 2.58 percent away from 200-DMA.<\/p>\n<h2>Golden Cross Fractals in S&amp;P 500, Bitcoin<\/h2>\n<p>Investors\/traders employ the golden cross strategy to secure bullish cues from a market. Their occurrence in the S&amp;P 500 has mostly resulted in long-term uptrends. In 2019 and 2016, for instance, the index rose by as much as 20.79 percent and 40.56 percent, respectively.<\/p>\n<p>Golden Crosses gave Bitcoin similar bullish results, albeit with few exceptions. The cryptocurrency&#8217;s 50-200 DMA crossover in February 2020 <a href=\"https:\/\/ktsl888.com\/2020\/02\/29\/bitcoin-falls-below-moving-averages-that-made-super-bullish-golden-cross\/\">surprised bulls<\/a> by sending the price lower. Meanwhile, a similar occurrence in 2019 shot Bitcoin upwards by circa 161 percent.<\/p>\n<p><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/bitcoin-price-19062020-7.png\"><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"wp-image-427912 size-large\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/bitcoin-price-19062020-7.png?fit=860%2C860\" alt=\"bitcoin, btcusd, xbtusd, btcusdt, cryptocurrency\" loading=\"lazy\"><\/a><\/p>\n<pre>Bitcoin price chart on <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=COINBASE\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a> showing its Golden Cross formations. Source: <a href=\"https:\/\/www.tradingview.com\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/pre>\n<p>Bitcoin is currently trending higher with part of its upside bias following the formation of a new Golden Cross on May 20, 2020.<\/p>\n<h2>All-Time Highs<\/h2>\n<p>The bullish crossover in the Bitcoin market followed a sharp, 100-percent recovery rally from its March lows. Meanwhile, the S&amp;P 500 is looking to print the same pattern after it <a href=\"https:\/\/ktsl888.com\/2020\/03\/13\/will-the-stock-markets-ongoing-rally-provide-an-upwards-tailwind-for-bitcoin\/\">rallied by more than 40 percent<\/a> from its March 23 price bottom.<\/p>\n<p>What&#8217;s behind the rallies, nevertheless, is one expansionary central bank policy. The U.S. Federal Reserve has cut its benchmark rates to near zero \u2013 and it is <a href=\"https:\/\/ktsl888.com\/2020\/03\/24\/bitcoin-explodes-6800-sp500-rallies-qe-infinity-coronavirus-bill\/\">buying trillions of dollars of Treasuries and corporate bonds<\/a> to aid the economy through a global health crisis.<\/p>\n<p>Fed&#8217;s chairman Jerome Powell says that his office would do everything they can to support the economy. The move has left risk-taking traders buoyed, which is reflective in the stock market rally since March 2020.<\/p>\n<p>Carley Garner, a market strategist\u00a0and author of \u201cHigher Probability Commodity Trading, <a href=\"https:\/\/www.cnbc.com\/2020\/06\/18\/jim-cramer-charts-suggest-new-highs-are-in-store-for-the-sp-50.html\" target=\"_blank\" rel=\"noopener nofollow\">mapped out a case<\/a> wherein she sees the S&amp;P 500 breaking through its all-time high of 3,400.<\/p>\n<p><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/106_MM_OTC_E-MINI_SP_FUTURES.png.jpeg\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"740\" height=\"416\" class=\"wp-image-427914 size-full\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/106_MM_OTC_E-MINI_SP_FUTURES.png.jpeg?resize=740%2C416\" alt=\"s&amp;p 500, s&amp;p 500 futures, spx\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/106_MM_OTC_E-MINI_SP_FUTURES.png.jpeg?w=740 740w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/106_MM_OTC_E-MINI_SP_FUTURES.png.jpeg?w=460 460w\" sizes=\"(max-width: 740px) 100vw, 740px\"><\/a><\/p>\n<pre>S&amp;P 500 futures hint at a breakout from an ascending triangle pattern. Source: Carley Garner<\/pre>\n<blockquote><p>\u201cBecause the floor held, Garner\u2019s betting the bulls will be in control going forward,\u201d CNBC host Jim Cramer said. \u201cAs long as the S&amp;P can stay above 3,000 lines, she thinks that that opens the door for a retest of the all-time highs near 3,400.\u201d<\/p><\/blockquote>\n<p>Meanwhile, Bitcoin is testing a similar price floor in the $8,600-9,300 area \u2013 it is a\u00a0broader range because of the cryptocurrency&#8217;s higher price volatility. Traders believe that cryptocurrency could attempt a bull run if it holds the support area and breaks above $10,000.<\/p>\n<p>Bloomberg sees Bitcoin hitting $20,000 by the end of this year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin could break above $10,000 in the next quarter. The upside sentiment matures as the S&amp;P 500 hints at painting a super-bullish Golden Cross in July 2020. The U.S. benchmark&#8217;s growing correlation with Bitcoin could help it attempt a breakout towards $20,000. As bitcoin repeatedly struggles to close above $10,000, the S&amp;P 500 is paving the way for it venture into the six-figure region. So it seems, the U.S. benchmark is on the verge of painting a so-called &#8220;Golden Cross&#8221; for the first time since March 2019. Its 50-day moving average (currently at 2,944.9) is currently trending towards its 200-day moving average (now at 3017.7), looking to crossover in the first week of July 2020. SPX chart on TradingView.com hinting to form a Golden Cross pattern in July 2020. Source: TradingView.com At current points, the 50-DMA is just 2.58 percent away from 200-DMA. Golden Cross Fractals in S&amp;P 500, Bitcoin Investors\/traders employ the golden cross strategy to secure bullish cues from a market. Their occurrence in the S&amp;P 500 has mostly resulted in long-term uptrends. In 2019 and 2016, for instance, the index rose by as much as 20.79 percent and 40.56 percent, respectively. Golden Crosses gave Bitcoin similar bullish results, albeit with few exceptions. The cryptocurrency&#8217;s 50-200 DMA crossover in February 2020 surprised bulls by sending the price lower. Meanwhile, a similar occurrence in 2019 shot Bitcoin upwards by circa 161 percent. Bitcoin price chart on TradingView.com showing its Golden Cross formations. Source: TradingView.com Bitcoin is currently trending higher with part of its upside bias following the formation of a new Golden Cross on May 20, 2020. All-Time Highs The bullish crossover in the Bitcoin market followed a sharp, 100-percent recovery rally from its March lows. Meanwhile, the S&amp;P 500 is looking to print the same pattern after it rallied by more than 40 percent from its March 23 price bottom. What&#8217;s behind the rallies, nevertheless, is one expansionary central bank policy. The U.S. Federal Reserve has cut its benchmark rates to near zero \u2013 and it is buying trillions of dollars of Treasuries and corporate bonds to aid the economy through a global health crisis. Fed&#8217;s chairman Jerome Powell says that his office would do everything they can to support the economy. The move has left risk-taking traders buoyed, which is reflective in the stock market rally since March 2020. Carley Garner, a market strategist\u00a0and author of \u201cHigher Probability Commodity Trading, mapped out a case wherein she sees the S&amp;P 500 breaking through its all-time high of 3,400. S&amp;P 500 futures hint at a breakout from an ascending triangle pattern. Source: Carley Garner \u201cBecause the floor held, Garner\u2019s betting the bulls will be in control going forward,\u201d CNBC host Jim Cramer said. \u201cAs long as the S&amp;P can stay above 3,000 lines, she thinks that that opens the door for a retest of the all-time highs near 3,400.\u201d Meanwhile, Bitcoin is testing a similar price floor in the $8,600-9,300 area \u2013 it is a\u00a0broader range because of the cryptocurrency&#8217;s higher price volatility. Traders believe that cryptocurrency could attempt a bull run if it holds the support area and breaks above $10,000. Bloomberg sees Bitcoin hitting $20,000 by the end of this year.<\/p>\n","protected":false},"author":50,"featured_media":427918,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1144,78790,1558,3738,56431,76835],"class_list":["post-427910","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-cryptocurrency","tag-sp-500","tag-spx","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Braces for Record Rally as Golden Cross on S&amp;P 500 Looks Imminent<\/title>\n<meta name=\"description\" content=\"Bitcoin could break above $10,000 in the next quarter. 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The upside sentiment matures as the S&amp;P 500 hints at painting a super-bullish Golden Cross in\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ktsl888.com\/news\/bitcoin-set-to-break-10k-as-sp-500-eyes-golden-cross-next-month\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-19T13:03:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T09:22:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/shutterstock_562495840.jpg?fit=1000%2C750\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Yashu Gola\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Yashu Gola\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-set-to-break-10k-as-sp-500-eyes-golden-cross-next-month\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-set-to-break-10k-as-sp-500-eyes-golden-cross-next-month\/\"},\"author\":{\"name\":\"Yashu Gola\",\"@id\":\"https:\/\/ktsl888.com\/#\/schema\/person\/5525937b173cfbe70c9793968201315f\"},\"headline\":\"Bitcoin Braces for Record Rally as Golden Cross on S&amp;P 500 Looks Imminent\",\"datePublished\":\"2020-06-19T13:03:10+00:00\",\"dateModified\":\"2024-06-11T09:22:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-set-to-break-10k-as-sp-500-eyes-golden-cross-next-month\/\"},\"wordCount\":497,\"publisher\":{\"@id\":\"https:\/\/ktsl888.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-set-to-break-10k-as-sp-500-eyes-golden-cross-next-month\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/shutterstock_562495840.jpg?fit=1000%2C750\",\"keywords\":[\"bitcoin\",\"btcusd\",\"BTCUSDT\",\"cryptocurrency\",\"S&amp;P 500\",\"spx\",\"xbtusd\"],\"articleSection\":[\"Bitcoin\",\"Cryptocurrency Market News\",\"Technical analysis\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\/\/ktsl888.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-set-to-break-10k-as-sp-500-eyes-golden-cross-next-month\/\",\"url\":\"https:\/\/ktsl888.com\/news\/bitcoin-set-to-break-10k-as-sp-500-eyes-golden-cross-next-month\/\",\"name\":\"Bitcoin Braces for Record Rally as Golden Cross on S&amp;P 500 Looks Imminent\",\"isPartOf\":{\"@id\":\"https:\/\/ktsl888.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-set-to-break-10k-as-sp-500-eyes-golden-cross-next-month\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-set-to-break-10k-as-sp-500-eyes-golden-cross-next-month\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/shutterstock_562495840.jpg?fit=1000%2C750\",\"datePublished\":\"2020-06-19T13:03:10+00:00\",\"dateModified\":\"2024-06-11T09:22:47+00:00\",\"description\":\"Bitcoin could break above $10,000 in the next quarter. 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He is profoundly active in the bitcoin space since 2014 \u2013 and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.\",\"url\":\"https:\/\/ktsl888.com\/author\/gola-yashu\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin Braces for Record Rally as Golden Cross on S&amp;P 500 Looks Imminent","description":"Bitcoin could break above $10,000 in the next quarter. 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