BTC’s Nasdaq 100 Correlation Intensifies

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Bit­coin price is stuck in a range as investors con­tin­ue focus­ing on the ongo­ing change of tone by the Fed­er­al Reserve. The BTC price is trad­ing at $40,687, slight­ly below Thursday’s high of $43,000. Oth­er cryp­tocur­ren­cies like Ethereum, XRP, and Avalanche are also in a nar­row range, while the fear and greed index is in the fear zone.

Nasdaq 100 and Bitcoin correlation

The BTC price per­for­mance mir­rors that of the Nas­daq 100 index. The tech-heavy index slumped by more than 278 points on Thurs­day as con­cerns about Net­flix and oth­er high-growth com­pa­nies remained. Net­flix stock has crashed by almost 40% in the past two days as investors digest the weak earn­ings by the com­pa­ny. In addi­tion, the firm said that it lost cus­tomers for the first time in a decade. 

In most cas­es, Bit­coin price tends to decline when Nas­daq 100 ris­es and vice ver­sa. The two also declined after Jerome Pow­ell sound­ed a bit hawk­ish in IMF meet­ings. He said that the bank would like­ly move for­ward with a 0.50% rate hike in its upcom­ing meet­ing. Also, he not­ed that quan­ti­ta­tive tight­en­ing (QT) would like­ly happen. 

These fac­tors explain why the fear and greed index is still at the fear lev­el. The one tracked by CNN Mon­ey has dropped to 39, while the Bit­coin fear and greed index is at26. Anoth­er rea­son why Bit­coin price is strug­gling is that Binance moved to lim­it its ser­vices in Rus­sia. The com­pa­ny will lim­it its ser­vices to all Rus­sians with assets worth over 10,000 euros. It will also not accept any deposits on these accounts. 

Bitcoin price prediction

The dai­ly chart shows that the BTC price has strug­gled in the past few days. It is trad­ing at the sup­port lev­el of $40,000, slight­ly above this week’s low of $38,700. The coin has also formed an ascend­ing chan­nel pat­tern shown in green. How­ev­er, a clos­er look reveals that it has also formed what looks like a bear­ish flag pattern. 

There­fore, the coin will like­ly have a bear­ish break­out in the com­ing days because of this flag pat­tern. This view will be con­firmed if it moves below the low­er line of the ascend­ing chan­nel pattern.

Bitcoin price



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