BTC and Nasdaq correlation and consolidating inside the cloud
BTC/USD COINBASE:BTCUSD
The left chart shows the positive correlation of BTC to the Nasdaq. The CC is above zero since November. This week the Nasdaq went briefly into bear territory. The major stock market indexes are not in a bear market but most individual stocks are already in one. According to Bank of America, 76% of Nasdaq stocks and 51% of S&P 500 stocks are at least 20% off their 52-week highs. Right chart the 50 MA is resistance. It’s back inside the cloud but looks like it’s going to go below again.
