S&P 500 rises slightly, Nasdaq, Dow both ~flat
Energy leads S&P 500 sector gainers; Comm Svcs weakest group
Dollar down; bitcoin falls ~3%; gold, crude both gain >1%
US 10-Year Treasury yield flat at ~4.15%
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BITCOIN SELLOFF HAS BEEN ORDERLY, COULD FALL FURTHER
Recent weakness in bitcoin has been orderly and has not reflected panic, which may mean that there is further room to fall before a better buying opportunity emerges, according to Brian Reynolds, chief market strategist at Reynolds Strategy.
Reynolds notes that bitcoin’s 90-day volatility has recently risen above that of oil and Apple AAPL.O and is now on par with that of Tesla TSLA.O. But it is below what was seen during the selloff in 2022 and 2023.
“Though there is more leverage in Bitcoin now than there was 3-4 years ago, there has been less panic around this decline,” Reynolds said in a report. And, “that dynamic informs us that there may be a cohort of investors, especially among the levered institutional entities, who may become forced sellers if there is another leg down.”
Reynolds expects that a further decline to around two standard deviations below its trend along with an upward move in volatility above its early 2023 level would be a better buying opportunity in the cryptocurrency.
Bitcoin BTC= is at $66,590 on Wednesday, down from a record high of $126,223 reached in October.
(Karen Brettell)
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