🔥 Bitcoin & Stocks Decoupling... In the Wrong Way
Ever since Bitcoin started the bearish market back in November, the NASDAQ (tech stocks) and Bitcoin have been moving much closer to each other. And since the start of the year, the movements have been close to 1-to-1.
So for several weeks now, Bitcoin nearly did an exact copy of the NASDAQ price movement. See the chart for a live example, orange being BTC and white being the NASDAQ.
However, since a couple of days it seems that Bitcoin is decoupling from the stock markets. Sadly for us, in the wrong way. Stocks are going up whilst Bitcoin is continuing to fall.
This could mean either of two things:
- Bitcoin is lagging stocks and will soon make up for the difference by making a big bullish move.
- Bitcoin has more downside with whales trying to push the price further down. Ideally, we'd move towards the 200-week moving average.
Unclear which of the two options above will play out in the end. Nevertheless, it's a notable new occurrence in the market which needs to be mentioned.
So for several weeks now, Bitcoin nearly did an exact copy of the NASDAQ price movement. See the chart for a live example, orange being BTC and white being the NASDAQ.
However, since a couple of days it seems that Bitcoin is decoupling from the stock markets. Sadly for us, in the wrong way. Stocks are going up whilst Bitcoin is continuing to fall.
This could mean either of two things:
- Bitcoin is lagging stocks and will soon make up for the difference by making a big bullish move.
- Bitcoin has more downside with whales trying to push the price further down. Ideally, we'd move towards the 200-week moving average.
Unclear which of the two options above will play out in the end. Nevertheless, it's a notable new occurrence in the market which needs to be mentioned.
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