Is the Market Finally Smiling? The S&P 500’s Joyful Dance with Bitcoin! 🎉

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What to know:

  • In a twist of fate that would make even Raskolnikov chuckle, the S&P 500 has ascended beyond its 200-day moving average for the first time since that fateful day in March—March 10, to be precise.
  • And lo! Bitcoin, that whimsical creature of the digital realm, has also breached the 200DMA at a staggering $85,046, now eyeing the elusive short-term holder realized price resistance at $93,245—an indicator that whispers of bull markets past.

Ah, the correction in stocks—could it be over? A key technical indicator suggests this might be the case, and perhaps, just perhaps, it is good news for our dear Bitcoin (BTC), which has gallantly breached similar resistance as if to say, “I too can play this game!”

On this fine Monday, the S&P 500, buoyed by last week’s gains, has surged ahead by 1.7%. It now dances above its 200-day moving average (200 DMA), having endured a correction as deep as 10% in recent months. This 200 DMA, a mathematical marvel, is derived from the mean of closing prices over the last 200 trading days—an oracle of sorts, guiding the market’s fickle heart.

Last seen crossing this mystical threshold on March 10, the S&P 500, despite a momentary dip, has resumed its upward trajectory, much like a character in a Dostoevskyan novel who, after much turmoil, finds a flicker of hope.

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2025-03-24 19:46