Bitcoin: Nasdaq Correlation Drives Correction
Michaël van de Poppe states that Bitcoin's recent correction stems from tight correlation with Nasdaq technology stocks, where liquidity sweeps at recent lows triggered a strong push likely to repeat in crypto.
SourceAnalysis
Bitcoin and crypto markets corrected sharply over recent weeks as Nasdaq technology stocks dictated direction, with downside in equities pulling BTC lower and bounces producing matching recoveries.
From a technical standpoint, liquidity sweeps at Nasdaq lows fueled today's push, and Michaël van de Poppe expects the same pattern to lift Bitcoin.
BTC trades at $74594.46 beneath the EMA50 at $76709.33 and EMA200 at $79894.2, locking in a bearish trend structure while the MACD death cross at -654.66 reinforces downside momentum; RSI at 39.29 remains neutral and price sits inside the Bollinger band between $74231.84 support and $76858.55 resistance, suggesting any Nasdaq-led bounce may first test upper-band resistance before a retracement to the 50-EMA zone.
Michaël van de Poppe
@CryptoMichNLMacro-Economics, Value Based Investing & Trading || Crypto & Bitcoin Enthusiast