 BTC price at 11x S&P 500 signals Bitcoin is 'rolling over' — Analyst 
2024-08-28

Bitcoin BTCUSD is still “rolling over” as its value versus the S&P 500 stays well clear of all-time highs.
In his latest analysis on X, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, suggested that the risk-asset race “may be over.”
McGlone: Bitcoin suffering from a "hangover"
Bitcoin has struggled to match its latest all-time high from March, but another metric suggests deeper systemic weakness.
BTCUSD, McGlone notes, is currently around 11 times the value of the S&P 500 — which is itself near all-time highs.
In the first quarter of 2020, Bitcoin was on top, reaching 15 times the S&P in a record which has never been beaten. By contrast, the future may see a 50% drop from that time.
“Is the fastest horse signaling the race is over?” McGlone queried.
Cointelegraph
In subsequent interactions, he confirmed his theory that Bitcoin continues to “roll over.”
“The fastest horse in the race may be signaling the race is over,” he wrote while responding to a question over Bitcoin’s relatively lackluster performance versus other risk assets.
As Cointelegraph reported, that performance stands out versus that of gold as well as the S&P 500. XAU/USD saw new all-time highs of its own this month.Cointelegraph
BTC price risks "lower low" despite $60,000 rebound
BTC price action meanwhile continued to chop around $60,000 ahead of the Aug. 28 Wall Street open, per data from Cointelegraph Markets Pro and TradingView.
Related: Bitcoin exchanges are witnessing 3rd-biggest net daily outflow of 2024Cointelegraph
After a snap liquidation cascade overnight, BTCUSD saw a fresh visit to $58,000 before halting its downside.
“Still no break in the trend,” popular trader Crypto Chase determined on the day, referencing a multi-month consolidation phase following the March highs.
Cointelegraph
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