Bitcoin Bounces Back! đ
- Bitcoin (BTC) has made a swift recovery, reclaiming the $61,000 level in the past 12 hours.
- This rebound coincides with the S&P 500 hitting a new all-time high.
- As the Federal Open Market Committee (FOMC) meeting looms, traders brace for potential rate cuts.
- Historically, rate cuts have led to short-term drops in the S&P 500, which might also affect BTC.
- The correlation between BTC and the S&P 500 is currently at a high 0.88.
- Despite short-term volatility, Bitcoin looks poised for gains in Q4 if a recession is avoided.
Stay tuned for more market magic!
