Bitcoin
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Despite the significant growth of the main cryptocurrency over the past week, analyst and trader Nicholas Merten doubts the strength of the success of Bitcoin (BTC).
Merten noted that while the correlation between bitcoin and the Nasdaq stock index looks optimistic, the macroeconomic environment is unfavorable.
I have to say that this bitcoin vs nasdaq chart is what got me the most excited. The fact that we were able to move above the 200-week and 200-day moving averages is definitely a positive sign.
But as we saw on the last trading day, we lost most of that profit. I have to make sure that BTC can hold here, because statistically, when we go up in this range [выше $ 25 000]we don’t stay there very long.
I am not saying that retail volume and speculators, as well as ordinary investors and long-term hodlers, cannot increase it. But we have not yet seen the correction familiar to the bearish crypto market.
According to Merten, BTC is likely to be crushed by macroeconomic factors in the coming weeks.
I just don’t see how bitcoin can do well in this environment. And until we see a longer bitcoin deviation from the Nasdaq, during which BTC will lead, I can’t be too sure.
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