Bitcoin and S&P 500 divergence signals big move ahead
Bitcoin (BTC) and the leading stock market index, S&P 500, have a historical correlation that has recently been challenged. This divergence hints that either BTC will make a big move upward or the stock market will reverse downwards. Notably, the Senior Commodity Strategist at Bloomberg Intelligence , Mike McGlone, spotted the divergence between both 100-week moving averages (MA). McGlone shared the discovery in a post on X on July 2, hinting at it being a leading indicator. According to the strategist, the S&P 500’s MA is already at 23% above its closure in the first half of the year. Conversely, Bitcoin’s moving average is 2.4 times lower than its peak in the first quarter of 2024. Picks for you Bitcoin's next move: Here's when to prepare for the big drop 42 mins ago ...