Crypto specialists are getting more pessimistic about how far the bear market will go.
From February to April, the association between BTC and the NASDAQ became stronger.
There were no significant changes in cryptocurrency prices during the trading day on May 25. Traders stayed on the sidelines ahead of the FOMC meeting when the Federal Reserve indicated that it wanted to keep hiking interest rates. The Fear and Greed Index is at its highest level since the recent market crisis.
This tightening trading range is evident in data from CMC, but signs from the technical analysis aren’t revealing much about the potential direction of a Bitcoin (BTC) price break. The price is currently trading in a range of $28k and $31k. According to CMC, the Bitcoin price today is $29,051.05 USD with a 24-hour trading volume of $29,875,392,568 USD. Bitcoin is down 2.31% in the last 24 hours.
Cryptocurrency specialists are getting more pessimistic about how far the bear market will go. Rekt Capital, a cryptocurrency trader, and the analyst said that Bitcoin might fall between $19,000 and $15,500 before reaching a bottom.
One analyst by the Twitter handle @AurelienOhayon believes that bitcoin is about to go on a historic bull run, and notably, he has 65,000 followers. As the expert clarified, a BTC bull run has always accompanied a Nasdaq 100 member percentage above their 200MA. According to the expert, the threshold is presently being approached.
It was clear from the accompanying tweet’s graphic that price had been firmly adhering to the support line during the course of the decade. The link between Bitcoin and the NASDAQ has widened, making it easier for crypto investors to avoid the impact of the Federal Reserve and conventional market dynamics.
As with more conventional asset classes, the attitude among crypto investors regarding Fed monetary policy and recession worries has shifted in the right direction. From February to April, the association between Bitcoin and the NASDAQ became stronger. The commencement of the Ukrainian conflict and a significant change in Fed monetary policy were the triggers for the tighter association.