The post Is Bitcoin (BTC) Rebound Imminent Amid NASDAQ ATH Record? appeared on BitcoinEthereumNews.com.

The mainstream stock market recorded an unusual growth at the close of the market on Friday, a trend that might impact the price of Bitcoin (BTC). The tech-heavy stock index, the Nasdaq Composite printed its All-Time High (ATH) despite uncertainty in tech stocks. Bitcoin and Nasdaq Correlation Advantage According to an update from market analyst Zero Hedge, the Nasdaq hit a new all-time high with 72% of Nasdaq stocks closing red, and twice as many new lows as new highs. The Nasdaq hit a new all time high with 72% of Nasdaq stocks closing red, and twice as many new lows as new highs. pic.twitter.com/kKizDEUbGG — zerohedge (@zerohedge) June 14, 2024 Per current market data, the Nasdaq Composite closed the market at 17,688.88 after soaring as high as 3.54% in 5 days. While the heaviest components of the Nasdaq including Microsoft and Nvidia entered the day at 0.22% and 1.75%, Apple dropped 0.82%. Bitcoin is poised to ride on the trend to shun the bad trading outlook of the past week. This trend has seen it drop by 4.79% in the past week. At the moment, Bitcoin is seeing a rebound with a 0.99% in 24 hours to $66,117.56. As a showcase of the Bitcoin bearish trend, the price fell as low as $65,083.52 from a 24 hour high of $66,530.31. Historically, Bitcoin has a correlation with the Nasdaq. While this correlation is questioning as it stands, the latest ATH might trigger related rally for BTC. Per its latest outlook, its price is now down by 10.22% from its ATH of $73,750.07. Bitcoin has survived a lot of drawdowns in recent times. This is confirmed as its price is locked in between the $64,613.06 and $71,946.46 range. After the highlighted 24 hour low, market data hinted that Bitcoin price has…

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Filed under: News - @ June 16, 2024 2:20 pm