Bitcoin’s Dramatic Dance: Is the S&P 500 Joining the Party or Just Tripping Over It?

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What to know:

  • In a spectacular show of panic, short-term bitcoin holders have jettisoned over 100,000 BTC since February, sending prices tumbling down by a staggering 30% from their celestial heights.
  • The S&P 500, that old reliable, is languishing over 200 points beneath its 200-day moving average, hinting at a potential plunge into the abyss if it can’t muster the strength to rise again.

Ah, Bitcoin (BTC), the ever-dramatic protagonist of our financial saga, continues its struggle on this fine Thursday, desperately clinging to the $80,000 mark like a cat on a hot tin roof. Today, it finds itself down 3%, a mere shadow of its former glory, having plummeted 13% in the first quarter and hovering about 30% below its all-time high from January. Talk about a fall from grace! 😱

According to the wise sages at Glassnode, our short-term holders—those thrill-seeking speculators who treat Bitcoin like a rollercoaster ride—have sold off more than 100,000 BTC (roughly $8 billion, if you’re counting) since February. Clearly, they’re eager to cut their losses or, perhaps, just cash in on whatever crumbs of profit they can salvage before the inevitable plunge. 🤑

This downward spiral has dragged Bitcoin below its 200-day moving average of $86,300, a crucial benchmark for those who like to pretend they understand long-term market trends. And guess what? BTC isn’t the only one feeling the heat; the S&P 500 is also taking a nosedive into the depths of despair.

Currently, the S&P 500 is floundering around 5,537, while its 200-day average sits smugly at 5,738, like a bouncer at an exclusive club. According to Joe Carlasare, a commercial litigator with a penchant for Bitcoin, when the S&P 500 struggles to reclaim its 200-DMA, history has a nasty habit of suggesting that lower prices are lurking just around the corner. 📉

“The S&P 500 continues to struggle to reclaim the 200 day,” he lamented on X. “If we can’t get a big rally above it soon, it makes sense to expect lower prices. Just look back historically at what happens when we lose the 200 day.” Oh, the drama! 🎭

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2025-03-13 19:59