The S&P 500 Index (SPX) has recovered around 1% on Sept. 9 after falling roughly 4.5% last week. Similarly, Bitcoin is also finding buyers and has risen to about $56,500, after slipping near $52,500 last week. After the initial rise, the onus is on the bulls to maintain the recovery because the weakness in the past few days has resulted in a sharp outflow from the United States-based spot Bitcoin exchange-traded funds (ETFs). Bloomberg data showed $1.2 billion in outflows from the ETFs in eight days.

Global Macro Investor head of macro research Julien Bittel believes that Bitcoin’s current price action is similar to that of 2019. If history repeats itself, Bittel anticipates that Bitcoin could be nearing an inflection point, where big price moves may begin.

Bitcoin closed below the crucial $55,724 support on Sept. 6, but the bears could not sustain the breakdown, indicating a lack of selling at lower levels. The price has recovered to the breakdown level of $55,724, which is likely to witness a tough battle between the bulls and the bears.

If buyers drive the price above $55,724 and the 20-day EMA ($57,821), it will suggest that the markets have rejected the breakdown. The BTC/USDT pair may climb to the 50-day SMA ($60,608). Contrary to this assumption, if the price turns down from $55,724 or the 20-day EMA and breaks below $52,550, it will signal the start of a new downtrend. The pair may then collapse to $49,000.

Lastly please check out the advancement’s happening in the cryptocurrency world

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