Bitcoin correlation with stocks “particularly high” as BTC price tops $44,500 locally
Bitcoin (BTC) briefly surpassed $44,500 to hit a local high of $44,751 after gaining more than 6% on the day. It has slowly moved towards resistance after abruptly halting the multi-day downtrend towards $40,000.
BTC/USD 1 hour frame chart | Source: TradingView
The event in Canada appears to have had an impact on crypto markets, while news that Russia may ease tensions on the border with Ukraine had no discernible impact on markets.
“Bitcoin broke out of the downtrend channel and regained the 4-hour range it lost a few days ago,” wrote Rekt Capital. summary in a new Twitter update yesterday.
Source: Rekt Capital/Twitter
Rect capital say more that Bitcoin is attempting to break the 50-week moving average on a longer time frame to move towards support.
“Turn it into support and confirm an uptrend for BTC.”
Not everyone is so confident. johnny to explain The price needs to return to the annual open above $46,000 to avoid waiting for a “buyback lower” from the current levels.
Stock risks meet buyer power
On-chain data remains a “cautiously optimistic” picture based on buying behavior, despite the macro risks.
Follow analysis by Ecoinometrics, both large and small investors are making BTC allocations to counter the potential pressure on Bitcoin from falling stock prices in the event of a US Federal Reserve rate hike.
“Buy whales. Buy small fish. This is good for bitcoin.”
Econometrics highlights a “particularly high” stock correlation in the current circumstances, raising the possibility of a deeper correction in Bitcoin price if macro policies shift.
“This means that anything that can destroy the S&P 500 is also a major risk for BTC.”
On-chain data from small fish clusters and bitcoin whales | Source: Econometrics
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
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Bitcoin correlation with stocks “particularly high” as BTC price tops $44,500 locally
Bitcoin (BTC) briefly surpassed $44,500 to hit a local high of $44,751 after gaining more than 6% on the day. It has slowly moved towards resistance after abruptly halting the multi-day downtrend towards $40,000.
BTC/USD 1 hour frame chart | Source: TradingView
The event in Canada appears to have had an impact on crypto markets, while news that Russia may ease tensions on the border with Ukraine had no discernible impact on markets.
“Bitcoin broke out of the downtrend channel and regained the 4-hour range it lost a few days ago,” wrote Rekt Capital. summary in a new Twitter update yesterday.
Source: Rekt Capital/Twitter
Rect capital say more that Bitcoin is attempting to break the 50-week moving average on a longer time frame to move towards support.
“Turn it into support and confirm an uptrend for BTC.”
Not everyone is so confident. johnny to explain The price needs to return to the annual open above $46,000 to avoid waiting for a “buyback lower” from the current levels.
Stock risks meet buyer power
On-chain data remains a “cautiously optimistic” picture based on buying behavior, despite the macro risks.
Follow analysis by Ecoinometrics, both large and small investors are making BTC allocations to counter the potential pressure on Bitcoin from falling stock prices in the event of a US Federal Reserve rate hike.
“Buy whales. Buy small fish. This is good for bitcoin.”
Econometrics highlights a “particularly high” stock correlation in the current circumstances, raising the possibility of a deeper correction in Bitcoin price if macro policies shift.
“This means that anything that can destroy the S&P 500 is also a major risk for BTC.”
On-chain data from small fish clusters and bitcoin whales | Source: Econometrics
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
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