SPX6900 Leads Cryptocurrency Bullish Trend as Bitcoin Decouples from US Equities
Cryptocurrency prices are experiencing a strong bullish trend, according to recent analysis. The SPX6900 token has been trading above its 50-day and 200-day EMAs, indicating a firmly supportive trend backdrop. The RSI is holding deep in overbought territory near 85, suggesting that momentum may be stretched.
Bitcoin also decoupled from US equities during this move, gaining 25% while the S&P 500 declined 1.7%. This de-correlation is not yet structural, according to Glassnode, and the one-month return correlation between the two has rolled over. The slower quarterly window has only just begun to roll over.
Ripple (XRP) is extending its correction, testing $1.40 support on Wednesday after a recent rally from $1.00 to highs of $1.70. Despite falling for two consecutive days, it upholds a constructive technical structure, raising the odds of another breakout attempt toward the pivotal $2.00 target.