As NewsBTC reported, the VIX experienced a trend reversal last Friday which could be significant for Bitcoin as well. The VIX volatility index shows traders the expected range of fluctuation of the S&P 500. Remarkably, there is an inverse correlation between the VIX index and the S&P 500. A rising VIX index usually means falling prices for the S&P 500, and vice versa. Rising VIX Threatens Bitcoin Bulls The VIX dropped below the level of 19 on Friday, a mark that has been highly significant over the last year. In August, the last time the VIX was this low, it subsequently rose above 34, dragging the S&P 500 down 15%. Bitcoin also experienced a significant downtrend, driven by its correlation with the S&P 500. On Monday, BTC bounced off horizontal resistance at $17,400 and fell below $17,000 as VIX initiated its trend reversal with a stellar market open. Yesterday, however, Bitcoin bulls initially appeared to have the upper hand. While the S&P saw another 1.4% plunge, the BTC price remained relatively stable at $17,000. Related ..
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