Bitcoin (BTC) price climbed by 15% last week and 10.45% the week before. The S&P 500 Index dropped 2.53% last week and 2.39% the week before. This shows that Bitcoin has decoupled from the S&P 500 Index in the short term and may chart its own course.

However, the path higher may not be easy. The Federal Open Market Committee’s meeting on Nov. 1 may cause some volatility, but it will li be short-lived as no surprises are expected. CME’s FedWatch Tool projects a 98% probability that rates will remain unchanged.

Daily cryptocurrency market performance. Source: Coin360

A large part of the gains in Bitcoin have been fuelled by expectations that the United States Securities and Exchange Commission will approve a spot Bitcoin exchange-traded fund in the near future. Any adverse news in this regard may prove to be a major setback for the bulls. When traders start chasing prices higher, it increases the risk of a short-term pullback.

What are the important support levels on Bitcoin and altcoins that need to hold for the sentiment to remain bullish? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index (SPX) remains in a strong downtrend. The price is close to the strong support zone between 4,050 and 4,100.