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Professional expects BTC and Nasdaq 100 to be extra correlated going ahead

bitcoin nasdaq correlation katie stockton
  • Stockton mentioned the correlation between BTC and the Nasdaq 100 on CNBC.
  • She says bitcoin must go above $25,000 to look engaging.
  • Bitcoin is at present up about 40% YTD; Nasdaq 100 about 11%.

To date this 12 months, bitcoin has considerably outperformed the Nasdaq 100 — up about 40% on the time of writing, in comparison with a a lot smaller 11% acquire within the tech-heavy index.

Katie Stockton’s feedback on CNBC

Curiously, BTC remained resilient within the again half of the present month even after the US Bureau of Labor Statistics stated inflation was up greater than anticipated in January.

Nonetheless, Fairlead Methods’ Katie Stockton says bitcoin and the Nasdaq 100 index are prone to be extra correlated once more going ahead.

We suspect that with shares now falling once more, we’ll return to the upper correlation mode between bitcoin and the Nasdaq 100 and different threat belongings.

A day earlier, CoinShares information confirmed that quick bitcoin funds secured inflows of $10 million final week.

Bitcoin wants to interrupt above a key resistance

In line with Stockton, bitcoin continues to be buying and selling under sturdy resistance across the $25,000 stage and wishes to interrupt above it to look engaging. On CNBC’s “Squawk Field,” she stated:

It must clear that stage to look higher and since it will resolve a buying and selling vary to the upside and inform the vary is extra doubtless a reversal sample versus a continuation sample.

Stockton stays impartial on each yields and the US greenback within the coming months, she additionally confirmed.

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BTC final week was briefly seen buying and selling simply above the stated value – a transfer that analysts at Bitfinex stated might point out a doable backside.

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