Heading into July, the NDX/SPX ratio reached new highs. Its logo above the critical trend line connecting the pair of 2021 highs sent a positive signal for Bitcoin, but since then The ratio is cumulative. and returned below the trend line again
So for now, it appears that Bitcoin is following the dynamics in the NDX/SPX relationship as it has been doing for many years. If this dad holds, we could see BTC drop below $90,000 in the next few minutes as peripecias in the options market suggest the same.
On the other hand, a new recovery in the NDX/SPX ratio would be a green signal for the tower to bet everything and increase the price to six figures. Some traders are betting that there will eventually be a breakout above the $100,000 level.