Not only are the S&P 500 and the Nasdaq being rejected from strong resistance levels, but gold is also. With such economic juggernauts facing further potential downside, what chance does Bitcoin have?

For Bitcoin and the crypto market to have the possibility to reverse the current downtrend, the U.S. stock market must surely start to turn around its own reversal. Even gold is now facing rejection from its all-time high of $3,060. Could Bitcoin be the first to buck the trend? 

S&P 500 - resistance is defeating the bulls so far

Source: TradingView

The price action for the S&P 500 on the daily chart shows how the horizontal level at $5,670 has been flipped into resistance. The candle wicks up and through this resistance bears testament to just how hard the bulls are …