Bitcoin (BTC) Price Mirrors US STOCKS, Struggles Below $37K

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The correlation between BTC and US Tech stocks has tightened since 2020 as per the research. Bitcoin’s (BTC ) price has recovered from multi-month lows near $32,933.33 from the beginning of the week. However, it has been trading in a tight range with no clear direction. Bitcoin bulls have taken the backseat.

  • BTC continues to struggle on Friday following the global financial market meltdown
  • Further, the BTC supply percentage by long-term holders peaked new highs since Match 2020.
  • The recent data shrugs off US hawkish stance indicating some discount buying in the digital currency.

At the press time, BTC/USD is trading at $36,750, down 1.12% for the day. The 24-hour trading volume of $25,549,381,103 with market cap of $697,792,638,594.

Bitcoin worth $670 million left the centralized exchange

Glassnode, the on-chain Data, and intelligence platform revealed that more than 18,000 bitcoin worth $670 million left centralized exchanges on Thursday, the biggest single-day net outflow in over a month.

Source: Trading view

On the daily chart, the Bitcoin (BTC) price has encountered the death-cross near on January 15 near $48,000. The BTC/USD pair has retreated almost 31% toward the recent lows of $32,933.33.

The daily relative strength index (RSI) is at 30 is about to give a bullish crossover. Any uptick in the indicators would result in the upside momentum in BTC/USD.

The demand zone near the current levels could see the upside to $44,000. This also coincides with the 50 DMA. Next, market participants could meet the 200 DMA at $48,000.

Alternatively, if the price could not sustain the recent lows then the July lows around $29K.

Furthermore, the strength in the US dollar index (DXY) kept the pressure intact on the digital currency.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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