3 Reasons for Bitcoin Correlation
Bitcoin has been following the Nasdaq Index for a long time and reacts to all the news related to the US economy.
Reason for correction
1) Bitcoin on the weekly timeframe went long almost 2 ATR, which happens extremely rarely and usually a correction follows after that.
2) Bitcoin stopped at a strong resistance level, from which a break was made - 25.000, it is extremely difficult to break through this level the first time
3) Bitcoin approached the resistance level of 25000 on large bars and volumes and could not break through. Now, in order to break through, you need a slow squeeze to the level of 25.000 for several days or weeks, and also buyers need to refresh themselves with good news, meanwhile, the news is not in favor of bitcoin.
Economists at Bank of America Corp. and Goldman Sachs Group Inc. 02/17/2023 see that the Federal Reserve will raise interest rates not twice by 0.25%, but 3 times.
A brutal repricing of two-year Treasuries would mean a 5-10% drop in the Nasdaq 100, according to JPMorgan Chase & Co.'s Marco.
I believe that the technical picture, together with fundamental news, can collapse bitcoin in the coming days to 22500 and even 21500.
Reason for correction
1) Bitcoin on the weekly timeframe went long almost 2 ATR, which happens extremely rarely and usually a correction follows after that.
2) Bitcoin stopped at a strong resistance level, from which a break was made - 25.000, it is extremely difficult to break through this level the first time
3) Bitcoin approached the resistance level of 25000 on large bars and volumes and could not break through. Now, in order to break through, you need a slow squeeze to the level of 25.000 for several days or weeks, and also buyers need to refresh themselves with good news, meanwhile, the news is not in favor of bitcoin.
Economists at Bank of America Corp. and Goldman Sachs Group Inc. 02/17/2023 see that the Federal Reserve will raise interest rates not twice by 0.25%, but 3 times.
A brutal repricing of two-year Treasuries would mean a 5-10% drop in the Nasdaq 100, according to JPMorgan Chase & Co.'s Marco.
I believe that the technical picture, together with fundamental news, can collapse bitcoin in the coming days to 22500 and even 21500.
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