bitcoin hourly chart
Bitcoin is down 1.6% to start the new week.
That’s a negative sign for broad risk appetite, even if it’s not yet shown up elsewhere. Bitcoin moves at time precede equity moves.
By the same measure, bitcoin has previously held up strongly despite a poor run from stock markets this month. The S&P 500 traded on Friday to the lowest since June while bitcoin still has some breathing room above the September low near $25,000.
That said, bitcoin moves happen fast and it’s worth keeping a close eye on this one. It’s an extremely technical asset and the break of the neckline from the mid-September lows creates something of a head-and-shoulders pattern that targets a retest of $25,000.
Bitcoin last traded at $26,021 as the big figure holds so far.