Bitcoin (BTC), the world’s largest cryptocurrency, is up 5% in the last 24hrs, breaking beyond $30,000 levels. Bitcoin continued to fall last week, with a significant decoupling from tech stocks and the Nasdaq-100.
With a positive on Sunday, it appears like Bitcoin is attempting to reclaim lost territory. BTC has recovered its negative gains thanks to recent increases and is presently trading at uniform levels on the weekly chart. Meanwhile the Nasdaq 100 finished last week with gains of about 7%.
Lark Davis, a cryptocurrency expert, feels that a relief rally is imminent. He also explains the relationship between Bitcoin and the Dollar Index.
Bitcoin To Bottom At $26k!
The major question now is whether Bitcoin can maintain this relief rally after the latest price increase. Bitcoin, according to Antoni Trenchev, co-founder and managing partner of crypto lender Nexo, is on the verge of hitting new lows.
In an interview with Bloomberg, Trenchev stated that this is not the kind of de-correlation anyone wants. Because as per Trenchev, Bitcoin price still needs to test $26,000 May 12 lows and it’s only a matter of time before this happens.
“One further drop to test May 12 lows near $25,401 still appears more plausible before any significant low is in place,” Mark Newton, technical strategy head at Fundstrat, wrote in a note to investors.
In May, Bitcoin, like stocks, saw a major price correction. Stocks, on the other hand, have begun to rebound, while Bitcoin and other cryptocurrencies have continued to decline. When looking at the larger crypto market, Bitcoin has remained reasonably stable, whereas altcoins have been plummeting like there’s no tomorrow.
The weight of global macros will continue to have an influence on crypto in the future. The interest rate hikes by the Fed will continue until inflation in the United States stabilizes.
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Source: https://coinpedia.org/news/bitcoin-reclaims-30k-level-will-bitcoin-price-catchup-with-nasdaq-100/