- There is hope for a Bitcoin price reversal soon.
- If the price of Bitcoin can hold above the current level and continue to climb, it could signal a reversal.
- Bitcoin has been highly related to the stock markets in recent years.
Is Nasdaq Reversal Imminent?
The recent decline in the price of Bitcoin has been concerning. A successful retest of the key support level at $11,431 on the Nasdaq exchange is in need. This could be a positive development for the cryptocurrency market. Overall, this could lead to a reversal in this downtrend market.
Nasdaq-100 is above a significant support line. As shown in the chart above, this trendline has supported the NASDAQ-100 prices to tank down further. This has been staying strong since 2010, about five times in the past.
As recently as NDX has again hit this line, there is a good chance that a reversal of the downtrend is arriving. However, if the price falls below this line, it may mean a further drawdown is remaining to be set in, resulting in extreme downward strength.
- Advertisement -
This positive sign indicates that the market will likely continue to rise in the short term. However, it is important to remember that market conditions can change, and investors should always be cautious. They should do their own research before making any investment decisions.
Bitcoin Price Reversal — A Possibility?
Bitcoin has been highly related to the stock markets in recent years. Also, the chances of a reversal in the NDX chart can show the ripple effects in the Bitcoin markets.
BTC can also be expected to see a reversal due to its high correlation with stock markets. At the time of writing, Bitcoin’s price is hovering around $17,200, up by 1% in a week, but it has lost 7% value in the whole week.
The popularity of cryptocurrencies continues to grow. So, it will be interesting to see how traditional financial institutions like the Nasdaq respond.
- Advertisement -
Some companies have already begun incorporating digital assets like Bitcoin into their operations. It still remains to be seen how widespread this trend will become. It is clear, yet, that the world of finance is undergoing a major shift. Thus, the Nasdaq must adapt to remain relevant in this rapidly changing landscape.