Bankless: Will Bitcoin Ride the Wave of TradFi’s Surge?

Bitcoin may ride the wave of TradFi gains to reach new heights. With the recent rebound in the S&P 500 index, there is a possibility of a flat cryptocurrency market. However, the TradFi rebound signals a potential future rise. The correlation between Bitcoin and the stock market has strengthened, and if the index continues to rise, the price of Bitcoin may start to increase. Breaking through the 50-day moving average could eliminate the resistance at $65,000 and test the $72,000 top. Bitcoin perpetual swaps have experienced the longest and deepest negative interest rates this year, which may coincide with the price decline. While the market price has rebounded, the pullback may confirm the entry into a different market phase.