"Bitcoin continues to demonstrate its inability to successfully get through that stubborn $70k resistance level," Wolfe's Rob Ginsberg said in a note Wednesday.
"It reminds us of another group that has been unable to overcome its own resistance level ... small caps," he continued.
Now, bitcoin has retested its highs while small caps have barely proved they can stay above $2,000 in [the Russell 2000 ]."
BTC.CM= .RUT 6M mountain Bitcoin and Russell 2000 Bitcoin has been meandering in the $60,000 level since the beginning of March.
All of the major stock indexes are down for the month, and the small-cap Russell 2000 is tracking for a deeper loss of about 6%.
Persons:
Bitcoin, Rob Ginsberg, bitcoin, Russell, Ginsberg, Michael Bloom
Organizations:
Wolfe Research, Federal Reserve