Bitcoin's correlation to Nasdaq could dump the price
Hi everyone,
The sad truth behind Bitcoin price is that it is still strongly correlated to Nasdaq's.
When Nasdaq made its support at 13 000$, Bitcoin dipped to 34 300 $ back in February.
Then in March, the Nasdaq tested once again the support, Bitcoin was trading at 37 500$.
From 15th of March to April, both prices rallied up, Nasdaq to 15 000$ and BTC to 48 000$.
The month of April has been bearish, bringing the price down, has my take is that Nasdaq will probably test its support once again. If it does, it will bring back Bitcoin to prices around 36/37k $, which would be a very nice buy opportunity.
The sad truth behind Bitcoin price is that it is still strongly correlated to Nasdaq's.
When Nasdaq made its support at 13 000$, Bitcoin dipped to 34 300 $ back in February.
Then in March, the Nasdaq tested once again the support, Bitcoin was trading at 37 500$.
From 15th of March to April, both prices rallied up, Nasdaq to 15 000$ and BTC to 48 000$.
The month of April has been bearish, bringing the price down, has my take is that Nasdaq will probably test its support once again. If it does, it will bring back Bitcoin to prices around 36/37k $, which would be a very nice buy opportunity.
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