Bitcoin Stays Resilient While Wall Street Stumbles – Details
Bitcoin's price increased by approximately 25% since April 2, surpassing $104,000 by May 12, while major stock indexes like the S&P 500 declined. The S&P 500 fell nearly 1% in April, contrasting with Bitcoin's rise amid concerns over escalating tariffs. Despite speculation about using Bitcoin for trade settlements to avoid fees, no evidence supports this practice among countries. Experts indicate that large crypto transactions are visible to regulators, preventing governments from evading duties. Bitcoin is testing a critical resistance level at $105,000; a breakdown could lead to a retreat to $100,000. Investors are likely to buy dips if resistance is broken, as previous rallies have shown. Risks include potential rate hikes and regulatory changes, while increasing ETF flows provide some reassurance. Independent factors like monetary actions and investor sentiment influence Bitcoin's price movements. Continued outperformance against stocks may establish Bitcoin as a viable alternative in global markets.
