Amid NASDAQ ATH Record, Is Bitcoin (BTC) Rising near?
The mainstream stock market recorded unusual growth at market close on Friday; This trend may affect the price of Bitcoin (BTC). Nasdaq Composite, the tech-heavy stock index, recorded an All Time High (ATH) despite uncertainty in tech stocks.
Bitcoin and Nasdaq Correlation Advantage
Nasdaq hit an all-time high with 72% of Nasdaq stocks closing in the red, with the number of new lows being double the new high, according to an update from market analyst Zero Hedge.
According to current market data, Nasdaq Composite closed the market at 17,688.88 after rising up to 3.54% in 5 days. Nasdaq’s heaviest components, including Microsoft and Nvidia, entered the day with values of 0.22% and 1.75%, while Apple lost 0.82%.
Bitcoin is poised to continue the trend to erase last week’s poor trading outlook. This trend decreased by 4.79% last week. Currently, Bitcoin is seeing a rebound towards $66,117.56, up 0.99% in 24 hours. Indicative of Bitcoin’s bearish trend, the price dropped from a 24-hour high of $66,530.31 to a low of $65,083.52.
Historically, Bitcoin has a correlation with Nasdaq. While this correlation is questionable in its current form, the latest ATH could trigger a corresponding rise for BTC. Based on its latest outlook, its price is down 10.22% from its current ATH of $73,750.07.
Bitcoin has survived many declines recently. This was confirmed by its price stabilizing in the range of $64,613.06 to $71,946.46. Following the highlighted 24-hour low, market data showed that Bitcoin price had reached an oversold point. The BTC/USD 4-hour chart on the trading view shows the Relative Strength Index (RSI) coming in at 40.
BTC/USD 4-hour chart. Source: TradingView
BTC’s price is also below the 50, 100, and 200 Moving Averages, indicating further upside potential.
Is Recovery Continued?
The rise in Bitcoin price at the moment could mean a change in trend direction. While the CME Gap will widen as expected, it could be argued that an intense gap-up is imminent.
Trends in the spot Bitcoin ETF ecosystem may also aid the recovery. Besides the US, other regions have also entered the ETF game. These countries include the United Kingdom, Hong Kong, Thailand and Australia.
Last week’s sell-off by Bitcoin miners may not have been as problematic as it previously seemed, either. Recovery is imminent for Bitcoin and the impact of the halving may soon show up in the true valuation of the coin.
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-life applications of blockchain technology and innovations to ensure mainstream acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture. follow him excitementLinkedIn
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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