On February 22, 2024, the S&P500 reached 5011 points, at that time $BTC cost 51800 usd. Yesterday, April 19, the S&P500, after several consecutive days of decline, closed at 5011, the same price as on February 22. However, $BTC now costs 62000 usd, so we have a bearish divergence of 11000 usd.

According to analysts, the S&P500 has support at 5000 points, so there could be a rebound and return to the bull market, but if the support at 5000 points is broken, then it could fall to approximately 4200.

The correlation of SyP500 and $BTC is very high. If the 5000 point support is broken today, it is very likely that the BTC 59k support will also be broken and there will be a sudden drop in the entire market. On the other hand, if support is defended there could be a bullish reversal.

From fundamental analysis, we see that the US is torn between inflation and recession. Additionally, the problem of Israel and Iraq aggravates the situation. An additional important point is psychological in nature, in which a drop is expected prior to the halving. Because of this, I believe there is a 70% chance that support will be broken in the next few days and a bear market will be confirmed.

#DYOR