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Bitcoin and Ethereum on the Brink of Crash As S&P 500 Rejection Signals Ahead!
The crypto market is reeling from the latest development in the stock market, with S&P 500 rejection signals raising concerns about a potential crash. Bitcoin and Ethereum are struggling to maintain their value, as the decline in risk assets could lead to downward pressure on cryptocurrencies.
In a tweet, analyst Bennett warned that the S&P 500 is likely to drop back down to the 5,877 region, potentially dragging crypto prices with it. According to his analysis, the chart clearly shows a rejection at recent highs, suggesting a probable downward move is in store for risk assets.
Historically, significant events in the stock market have had a direct impact on crypto prices. If this prediction holds true, Bitcoin and Ethereum could face severe pressure from sellers. The cryptocurrency market is already reeling from a decline of 2.4% in the last 24 hours, with Bitcoin’s price falling to $96,313.
However, it’s worth noting that despite the overall market weakness, Bitcoin seems to be holding its ground better than most altcoins, maintaining a dominance of 61.84%. Ethereum’s price has taken a bigger hit, plummeting by an alarming 5% in the last day and currently trading at $2,623.
This sudden downturn raises concerns about the stability of the market as it could be aligned with the broader market’s weakness.
