Stock Market Sell Trigger Could Drag Bitcoin Down Later This Month

Bitcoin continues to trade sideways, but also has been unable to shake an ongoing correlation with the stock market. Bitcoin may be waiting for the stock market to break down, and that could be coming towards the end of the month.

But Black Thursday and the pandemic had other plans and resulted in the stock market closing its worst quarter on record. Negative performance in Q2 could be the Jenga-piece that sends markets toppling down when pulled later this month, and due to Bitcoin’s ongoing correlation with the S&P 500, it could be disastrous for the cryptocurrency.

Timeline of Bitcoin