The post Nasdaq’s New All-Time High Signals Potential Bitcoin Recovery appeared on BitcoinEthereumNews.com.

The Nasdaq Composite recently reached a new all-time high, indicating a potential uptrend for the tech sector. Heavyweight tech stocks, including Microsoft and NVIDIA, contributed significantly to this surge. This positive movement in the tech sector might create a favorable environment for Bitcoin to regain momentum. Explore the latest developments in the Nasdaq Composite’s performance and their potential impact on Bitcoin’s growth trajectory. Nasdaq Composite’s Surge and Its Implications The Nasdaq Composite achieved a new all-time high following a robust five-day trading streak. This notable performance was primarily driven by key tech stocks like Microsoft and NVIDIA, which saw gains despite broader market uncertainties. Bitcoin’s Correlation with Nasdaq The interdependency between Bitcoin and the Nasdaq Composite has been an area of interest for financial analysts. Despite seeing mixed performance in tech stocks with 72% ending in the red, Nasdaq’s leap might foresee a mirrored fortune for Bitcoin, typically influenced by broader tech trends. Microsoft’s slight gain of 0.22% and NVIDIA’s 1.75% increase underscored this technocentric rally. Market Data Insights The Nasdaq Composite closed at an elevated level of 17,688.88, marking a 3.54% increase over five days. Tech giants’ mixed performances were notable, with some, like Apple, dropping slightly by 0.82%. Conversely, Bitcoin has been recovering from its own setbacks. After a plunge, it has rebounded by 0.99% within 24 hours, priced at $66,117.56. The Historical Correlation Between Bitcoin and Tech Stocks Bitcoin has often mirrored the performance of the Nasdaq. Although this correlation faces scrutiny, the recent all-time high in Nasdaq might spark a similar rally in Bitcoin. Currently, Bitcoin is down by 10.22% from its own all-time high of $73,750.07, showcasing potential for recovery. Analyzing Bitcoin’s Performance Metrics Despite recent drawdowns, Bitcoin has shown resilience, trading within the range of $64,613.06 to $71,946.46. Oversold conditions, indicated by an RSI…

---

Filed under: News - @ June 15, 2024 9:16 pm