CandleFocus VIX's Second-Largest Spike in History Indicates a Local Bottom for Bitcoin: Van Straten
2024-12-19
Author: Content Editor
On December 18, the financial markets experienced panic due to the Federal Reserve's rate cut and Jerome Powell's hawkish outlook. Bitcoin briefly fell below $100,000, U.S. equities dropped by 3%, and the dollar index reached a two-year high, putting pressure on global currencies. The CBOE Volatility Index (VIX), which measures market fear and expected volatility, saw its largest one-day jump since February 2018, suggesting a potential local bottom for both bitcoin and the S&P 500. Previous spikes in the VIX have coincided with bitcoin and S&P 500 rebounding after hitting local bottoms. The current trading of bitcoin is above $102,000, while the S&P 500 futures indicate a positive open.
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