Bitcoin looks set to end the week and the month on a sour note.
flagged the largest cryptocurrency heading for nine weeks of downtrend in a row — the most in history., Bitcoin's weekly chart closes provided the backdrop to weakness that continued to disappoint analysts over the weekend., while Bitcoin and the majority of altcoins added to losses.
"Most concerning has been the divergence between Equities and Crypto. S&P and NASDAQ have traded about 10% higher since 20 May lows while both BTC and ETH have traded lower in the same period," trading firm QCP Capital wrote to subscribers of its markets newsletter, the latest edition of which was released on May 29.over Bitcoin's underperformance compared to previously highly-correlated equities.
Continuing, popular Twitter account Il Capo of Crypto forecast fresh pressure thanks to those indices now encountering sellside friction of their own. "Last time SPX rallied making a new high while $BTC was making lower highs, we saw bearish continuation once SPX reversed. Now SPX is at resistance," a
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