Morgan Creek Digital co-founder Anthony Pompliano highlighted data from Santiment, which showed that the 30-day rolling correlation between Bitcoin (BTC) and the S&P 500 is 0. Pomp stressed that the lack of correlation shows that Bitcoin is a store of value.
Along with that, Bitcoin has also outperformed most traditional asset classes such as gold, the S&P 500, crude oil, and the U.S. dollar since the sector wide crash that took place in March when coronavirus fears reached a peak.Daily cryptocurrency market performance. Source: Coin360
Abra Co-founder and CEO Bill Barhydt recently said that “Bitcoin is the single best investment opportunity in the world right now” and he has substantially increased his Bitcoin holdings in the past few days. After the recent purchase, about 50% of Barhydt’s total investment portfolio is now held in Bitcoin.
Is Bitcoin likely to resume its uptrend or will it take a pause and consolidate for a few days before starting the next trending move? Let’s analyze the charts of the top-10 cryptocurrencies to find out.BTC/USD
The bulls are struggling to propel Bitcoin (BTC) above the $13,200–$13,343.66 resistance zone. This suggests that after the initial frenzy, buying has dried up at higher levels.BTC/USD daily chart. Source: TradingView
The failure to sustain above $13,200 could attract profit booking by the short-term traders that may result in a pullback to the $12,460–$12,050 support zone.
However, the upsloping moving averages and the relative strength index in the overbought territory, shows that the bulls are in command. Therefore, the bulls might buy the dip to the 20-day exponential moving average ($12,034).
If the BTC/USD pair rebounds sharply from the 20-day EMA, the bulls will make one more attempt to resume the uptrend. If they succeed, a rally to $14,000 is likely.
Conversely, if the bears can sink the pair below the 20-day EMA, a fall to the 50-day simple m...