The S&P 500 Index (SPX) rose 2.49% last week, extending its string of weekly gains to seven weeks, the longest such winning streak since 2017. However, Bitcoin (BTC) could not maintain its momentum and succumbed to profit-booking by the bulls. Trading resource Material Indicators said in an X (formerly Twitter) post that “ year-end profit taking and tax loss harvesting” will prevail in the short term.  

However, a crash is unlikely because several analysts expect the United States Securities and Exchange Commission to approve one or more spot Bitcoin exchange-traded fund (ETF) applications in January. If that happens, it could prove to be a game-changer for the sector.

VanEck CEO Jan van Eck said in an interview with CNBC that Bitcoin is likely to hit a new all-time high in the next 12 months. He expects Bitcoin to become an accompaniment to gold.

What are the important levels that could arrest the fall in Bitcoin and altcoins? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index witnessed a strong bull move in the past few days, which carried the price above the overhead resistance of 4,650 on Dec. 13.

The sharp rally has pushed the relative strength index (RSI) deep into the overbought territor

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Author: Rakesh Upadhyay

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