Bitcoin and Nasdaq: The latest trend in market correlation

BTC’s funding rate remained positive as it traded around $30,700.and Nasdaq. This new pattern captivated observers, shedding light on BTC’s overall trajectory and sentiment among traders.Bitcoin’s price correlation with traditional stocks has served as a valuable tool for investors in constructing their investment portfolios. Moreover,A recent analysis conducted by Ecoinometrics highlighted a noteworthy phenomenon: the price trends of BTC and Nasdaq have recently become intertwined.

Upon analyzing the daily price trend, it became evident that BTC had experienced a significant uptick in value since the news broke.was trading at approximately $30,700, albeit with a slight decline in value. However, it concluded the previous trading session with a 3% increase. The bull trend was unmistakably dominant, as exemplified by the Relative Strength Index line residing in the overbought zone. Furthermore, the upward trajectory engendered a more positive sentiment among traders., BTC witnessed a surge in positive funding rates across most exchanges. As of this writing, the funding rate remained positive, indicating a collective wager on further price escalation beyond the current range.

With the entrance of different traditional financial institutions vying for BTC ETF licenses, the price of BTC is poised to continue its ascent until a correction phase materializes.

Source: News Formal (newsformal.com)

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