The conventional stock market showed an odd increase at Friday’s closing, maybe influencing Bitcoin (BTC) pricing. Notwithstanding continuous uncertainty in tech stocks, the tech-heavy Nasdaq Composite stock index hit an All-Time High (ATH).
With twice as many new lows as new highs, market analyst Zero Hedge said the Nasdaq reached a new ATH even as 72% of its companies closed in the red. Based on present market statistics, the Nasdaq Composite finished at 17,688.89 and jumped 3.54% over the last five days.
Bitcoin’s Recent Price Movements
Especially important Nasdaq components like Microsoft and Nvidia had increases of 0.22% and 1.75%, respectively; Apple experienced a minor decline of 0.82%.Often reflecting Nasdaq trends, BTC seems ready for a comeback after a difficult week marked by 4.79% price loss.
With a 0.99% increase over the past 24 hours, BTC is currently exhibiting indications of recovery; its price is $66,117.56. Bitcoin’s price swung over the past 24 hours, lowest at $65,083.52 and highest at $66,530.31, therefore highlighting the recent bearish trend.
Historically, BTC has shown a link with the Nasdaq, a link now under investigation. The most recent ATH of the Nasdaq could set off a corresponding BTC rise. Though down by 10.22% from its ATH of $73,750.07, current market characteristics for Bitcoin point to a possible trend direction change.
With its price range fixed between $64,613.06 and $71,946.46, BTC has lately suffered major drawdowns. Based on relative strength index (RSI) on the BTC/USD 4-hour chart, which shows at 40, market data shows that BTC has achieved an oversold point following the latest 24-hour low.
Furthermore suggesting more upside potential, Bitcoin’s price is now below its 50, 100, and 200 Moving Averages.The recent increase in Bitcoin’s price could point to a change in direction of trend.
Although the CME Gap shows significant catching up ahead, movements in the spot Bitcoin ETF ecosystem should help in recovery. Beyond the US, areas such Australia, the United Kingdom, Hong Kong, Thailand, and Australia have also joined the ETF market, maybe helping Bitcoin recover.
