After two successive weeks of gains, the S&P 500 Index (SPX) started the week on a positive note. This suggests a risk-on sentiment which is a bullish sign. The volatility is likely to pick up as 11% of the S&P 500 companies are expected to report results this week.
The risk-on sentiment could boost buying interest in select cryptocurrencies. One area where bullish activity is seen is the Grayscale Bitcoin Trust (GBTC). Grayscale’s legal victories have reduced the discount on the GBTC to its lowest level since 2021. This indicates that the investors are factoring in the possibility that the trust will finally convert into a spot Bitcoin (BTC) ETF.
When the price does not break below the support levels on bad news and rises above the overhead resistance on favorable news, it shows that the shorts are running low on confidence. This increases the likelihood of an up-move in the near term.
What are the important overhead resistance levels on Bitcoin and altcoins that need to be crossed to start an uptrend? Let’s analyze the charts to find out.
S&P 500 Index price analysis
The S&P 500 Index (SPX) turned down from the 50-day simple moving average (4,401) on Oct. 12, but the bears could not sink the price below the important level at 4,325.
The 20-day exponential moving average (4,341) is flattening out and the relative strength index (RSI)
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Author: Rakesh Upadhyay
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