Can Bitcoin price hold $24K as stocks correlation hits lowest since 2021?

2 years ago

Bitcoin (BTC) wicked to five-day lows connected Feb. 22 arsenic a comedown for United States equities continued.

Analyst connected Bitcoin: "Waiting for a spot lower"

Data from Cointelegraph Markets Pro and TradingView recorded lows of $23,871 connected Bitstamp, with S&P 500 futures slipping nether 4,000 up of the Wall Street open.

Bitcoin bulls had mislaid crushed aft the U.S. vacation weekend, which ended successful weakness crossed equities and a failed effort to flip $25,000 to support.

For Cointelegraph contributor Michaël van de Poppe, who was hoping that the correction would beryllium abbreviated lived, it was nevertheless clip to hold and see.

"Markets correcting arsenic U.S. indices are besides correcting astatine this point. This means, opportunities!" helium told Twitter followers connected the day.

"I deliberation I'll beryllium waiting for a spot little connected Bitcoin to get triggered for a agelong position."

Van de Poppe had antecedently forecast a determination to as precocious arsenic $40,000 for BTC/USD earlier a correction acceptable in, this having the imaginable to shave 50% disconnected that high.

Dylan LeClair, elder expert astatine UTXO Management, meantime warned that a "crisis" betwixt stocks and U.S. bonds continued to play out.

"Bonds rolling implicit over the past period served arsenic a flashing alarm for a reversal, during which equities became the astir costly comparative to bonds since earlier the GFC, arsenic 2021 bubble favorites led the rally," portion of a Twitter thread read.

Another station nevertheless noted that Bitcoin's correlation to stocks was astatine its lowest since precocious 2021, but "still precise overmuch positive."

"I americium rather funny to spot however bitcoin trades during the adjacent hazard disconnected determination successful bequest markets... Let's see," LeClair added

Binance "Notorious B.I.D." gets filled

Within Bitcoin, attraction inactive focused connected a sizable bid wall, which had managed to determination spot terms by shifting itself astir the Binance bid publication successful caller days.

Dubbed the "Notorious B.I.D." by monitoring assets Material Indicators, the bid liquidity met spot terms caput connected arsenic Bitcoin dipped, with bids getting filled.

Switched to Absolute CVD Value to corroborate that the Notorious B.I.D. partition was filled. #FireCharts pic.twitter.com/4TutHr01Bh

— Material Indicators (@MI_Algos) February 22, 2023

With enactment frankincense removed from the bid book, Material Indicators added successful accompanying comments that it would beryllium "very happy" if BTC/USD were to present proceed downward to $21,500.

"The bid partition got filled. Liquidity hasn't stopped moving astir the bid publication agelong capable to analyze. Waiting for it to settee down," different station stated.

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.

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