NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Poised to Hit $15K Even amid Bearish Divergence Alerts

Yashu Gola
Yashu Gola
1 year ago
3 mins read
Bitcoin Poised to Hit $15K Even amid Bearish Divergence Alerts

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Many Bitcoin analysts agreed that Bitcoin would stop rallying after its price hits $14,500. The cryptocurrency looked overbought on medium-term timeframes, a technical alert that typically amounts to a downside correction.

But the bearish calls took a backseat on Thursday as Bitcoin extended its upside above $14,500, coming less than a hundred dollars closer to hitting the $15,000-level. A majority of retail traders/investors obviously ignored the “overbought” warnings as hype overtook caution.

Bitcoin was changing hands for as much as $14,945 ahead of the New York opening bell. Its gains, so it appeared, closely followed similar upside moves in the S&P 500 futures, further validating their erratically positive correlation.

Bitcoin, S&P 500, cryptocurrency, BTCUSD, SXP
Bitcoin-S&P 500 maintains a positive correlation as the former targets $15,000. Source: BTCUSD on TradingView.com
Bitcoin-S&P 500 maintains a positive correlation as the former targets $15,000. Source: BTCUSD on TradingView.com

The cryptocurrency and the US benchmark both rose in sync amid the environment of ultralow interest rates and unlimited quantitative easing policies by global central banks. According to the Wall Street Journal, the S&P 500 on Thursday will “log its sharpest rally in a week since April.”

Fundamentals Take the Front Seat

The S&P futures surged 1.98 percent as investors grappled with the prospect of a hub tax reform bill for corporates.

Democratic candidate Joe Biden came closers to snatching the presidency away from his Republican rival Donald Trump. Nevertheless, the Republicans won enough seats to retain control of the Senate, possibly. At the same time, the Democrats gained a strong foothold in the House.

That left the government divided. Investors noted that it would be difficult for Mr. Biden to pass legislation to raise corporate taxes and regulate technology companies. As a result, tech stocks, which now makes up about 18 percent of the S&P 500, surged higher.

WHAT? US election jam bolsters Big Tech as a safe haven.
Tech stocks like Facebook & Alphabet rose more than non-tech peers after neither Trump nor Biden got a quick win. Likely DC paralysis means tech giants should escape most damaging antitrust backlash. https://t.co/b3jkryV05c pic.twitter.com/AI1e0cjNkE

— Holger Zschaepitz (@Schuldensuehner) November 4, 2020

Bitcoin traders appeared to have tailed the stock market as they raised their bids for the cryptocurrency. Nevertheless, they ignored that gridlock between the Democratically-controlled US Congress and the Republican-led Senate risked delaying the second coronavirus relief package.

Both Bitcoin and the S&P 500 surged higher this year against a ballooning fiscal deficit. Traders anticipated that the injection of $2.3 trillion liquidity into the market would reduce the US dollar’s purchasing power. That prompted them to move their capital into riskier assets.

Bitcoin Technicals Indicate Divergence

A long-term outlook of the Bitcoin price rally – again – showed the cryptocurrency as overbought – and as an asset whose volume is heading in the opposite direction of its price gains.

Bitcoin, S&P 500, cryptocurrency, BTCUSD, SXP
Bitcoin hints bearish correction as RSI surges above 70, volume dips. Source: BTCUSD on TradingView.com
Bitcoin hints bearish correction as RSI surges above 70, volume dips. Source: BTCUSD on TradingView.com

The Relative Strength Index, a momentum oscillator, is inching towards a provable deflection level at 79.49. Meanwhile, the weekly trade volume is heading downwards against the rising price. Both the indicators point to an imminent bearish correction ahead.

Should the fall take place, it won’t necessarily mean the end of the Bitcoin uptrend.

Traders with a long-term risk appetite would use the local support levels to repurchase Bitcoin. The global central banks have raised the global debt at an unsustainable 320 percent of the GDP. Also, the lending rates are either near-zero or below it.

That leaves investors with little yields in the cash and bond markets. Bitcoin will likely benefit from that.

Tweet123Share196ShareSend
Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

Read more

Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Close

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin Bounces Off Key Demand Level – Price Discovery On The Menu?

Bitcoin Bounces Off Key Demand Level – Price Discovery On The Menu?

Bitcoin has experienced heightened volatility over the past few days, moving between critical levels as market participants await a clear...

Sebastian Villafuerte 1 hour ago
Ethereum

The ‘MicroStrategy’ Of Ethereum Emerges: Tom Lee And Joe Lubin Raise $675M To Stack ETH

The ‘MicroStrategy’ of Ethereum has emerged, with Fundstrat’s Tom Lee and Joe Lubin making moves to advance their respective ETH...

Scott Matherson 2 hours ago
token T6900

TOKEN6900 i XRP – dwa różne oblicza rynku kryptowalut

TOKEN6900 rozpoczął swoją przedsprzedaż z impetem. Postawił na społeczność, dystans i kulturę internetu. Nie korzysta z technologii blockchain jako środka...

agnieszkaz 2 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

25 Million Funtokens Burned! – How Does The Community React?

NewsBTC 16 minutes ago
Bitcoin

Bitcoin Finds Support Above 50-Day SMA, But Next Direction Remains Uncertain

Godspower Owie 23 minutes ago
bhutan crypto payments

Το Μπουτάν υιοθετεί τις κρυπτοπληρωμες παρά τα προβλήματα συνδεσιμότητας

Ανθή Ντόνκοβα 1 hour ago

Premium Sponsors

Press Releases

  • Best Crypto Payment Gateway for Trading in 2025

    7 minutes ago
  • 仮想通貨プレセールで1.45百万ドル調達-人為的ミスを排除し次の100倍を目指す新鋭トークン

    ...

    4 hours ago
  • 仮想通貨おすすめ|2025年に注目のポートフォリオ向け有望銘柄4選とは?

    ...

    4 hours ago
  • 「壮大で美しい法案」成立も暗号資産税制救済なし、新しい仮想通貨が未来を切り開く

    ...

    5 hours ago
  • FUNToken

    FUNToken Now Listed on Poloniex, Strengthening Global Reach...

    5 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.