CryptoOnchain
Bitcoin Correlation with Stock market: Nasdaq is at a sensitive point above trend line support
As seen in the chart, the Nasdaq is above the trend risk support that has prevented further declines and supported it since 2010. In the coming weeks, the market should decide on the reaction to this trendline. This trend line has supported the market 5 times in the past. Although this trend line can end the downward trend and be the point of market return, A loss of trend line support will indicate the extreme strength of the downtrend and further declines ahead for the market. Bitcoin is also on trend line support. Given the correlation between the stock market and Bitcoin, if the stock market is supported here, we can expect a reversal in the crypto market as well.