Written by While the price of bitcoin remains in a 10k trading range, here’s a look at some technical nuances of note. BTC continues to remain “in balance” building value. As the price tests the top of the range at 46k it can do one of three things.
1.) Break out and start a new up trend.
2.) Hit resistance and pull back into the trading range.
3.) Continue to trade at this level.
So, on another technical note, the 50 day moving average has crossed above the 21 day. Consider that a mild bullish sign.
As for correlations, here’s a chart comparing Bitcoin with Nasdaq 100 and the S&P 500.
Highly correlated obviously. After the first rate hike both the equity markets and Crypto market have rallied.
Since the start of 2022 Crude oil has been the clear winner. Gold as stayed flat whereas Bitcoin sold off. With war news stoking geopolitical instability fears and rampant inflation, Crude oil was clearly the beneficiary.