The #Bitcoin and #Crypto markets have seen a strong correction over the past weeks.
Why was this taking place?
The correlation with the underlying technology stocks is significant.
If the Nasdaq goes down --> #Bitcoin goes down.
If the Nasdaq bounces up --> #Bitcoin tends to go back up too.
That's what we've seen happening, in which, from a technical standpoint, a lot of liquidity has been taken on recent lows of the Nasdaq, resulting in a strong push today.
It's very likely that a similar outcome will occur for Bitcoin.
$BTC
Why was this taking place?
The correlation with the underlying technology stocks is significant.
If the Nasdaq goes down --> #Bitcoin goes down.
If the Nasdaq bounces up --> #Bitcoin tends to go back up too.
That's what we've seen happening, in which, from a technical standpoint, a lot of liquidity has been taken on recent lows of the Nasdaq, resulting in a strong push today.
It's very likely that a similar outcome will occur for Bitcoin.
$BTC
