Bitcoin BTC has ranged between $16k and $17.2k with a week-over-week price change of +7.32%.
Price is currently making a move towards the range that was previously lost, and should we regain this level and hold support; this FTX black swan crash could be deemed a simple deviation from the range.
Accumulating Bitcoin at historic lows has once not worked well as an investment, and this time won't be any different.
The S&P 500 continues to show strength as the index challenges major resistance.
We made a prediction that we would rally up to 4000-4100 when the stock market had plummeted down to 3500, at the 200-week moving average (green line).
That prediction has perfectly come to pass, and now the index is attempting to break this resistance.
Should the SPX reclaim the 50-week moving average (red line), things could get majorly bullish in the short term, despite the overwhelming sentiment that we are going much lower.
View the charts and also read about Brazil's approval of Bitcoin as a Means of Payment in our full newsletter version.