After some consolidation and pullback over the last two days, the world’s largest cryptocurrency Bitcoin (BTC) is back in action shooting another 6% today and moving past $25,750 levels. With this, Bitcoin extends its weekly gains by close to 30%.
Bitcoin has been leading with confidence outperforming all other altcoins over the last week. As the banking crisis unfolded across America and Europe, investors preferred Bitcoin over the rest of the cryptocurrencies. As on the technical chart, BTC’s recent price action shows a breakout from the macro downtrend resistance.
#BTC is right back at the Macro Downtrend resistance$ BTC # Krypto #Bitcoin pic.twitter.com/T7GiQL8Hul
- Rekt Capital (@rektcapital) Mäerz 16, 2023
Popular crypto analyst Rekt Capital erkläert:
“Technically, if #BTC just holds the highs heading into April, it will naturally just break the Macro Downtrend. A breakout past the #BTC Macro Downtrend would confirm a new Bull Market and in turn confirm that November 2022 was the bottom”.
Today’s BTC price action comes following the renewed bullishness on Wall Street on Thursday, March 16. Yesterday, all top three Wall Street indices registered strong gains with the Nasdaq 100 ending trading 2.69% in the green.
Bitcoin and Nasdaq 100
Since Bitcoin has a close correlation with Nasdaq 100, the BTC price too followed the gains. In fact, Bitcoin has significantly outperformed Nasdaq 100 so far this year in 2023. The BTC price is up by more than 60% year-to-date while the Nasdaq Composite is up by only 15.21%. As per the data from CoinShares, BTC’s correlation to Nasdaq 100 has dropped to a one-year low.
Bitcoin Korrelatioun zum Nasdaq fällt op 34%, déi niddregst zënter dem @federalreserve Wanderung am Ufank vun 2022 signaliséiert.
Dës Dekorrelatioun kéint weidergoen wéi d'Fed Tariffer méi lues eropgoen, Bitcoin weider als Zënssätz sensibel Verméigen verankert. pic.twitter.com/i3xFF6FTcm
— CoinShares (@CoinSharesCo) Mäerz 8, 2023
Furthermore, on-chain data shows strong network growth for Bitcoin despite the massive volatility in the crypto market currently. As per on-chain data provider Santiment, "de Gesamtbetrag vun $ BTC addresses has grown by 1.71M, a 3.95% increase in a relatively short period,” over the last two months.
Furthermore, Santiment data also shows massive whale transactions and deposits of more than $1 billion in Bitcoins. The data provider bemierken: “A $1B Bitcoin Transaktioun gouf op 3M219KR5vEneNb47ewrPfWyb5jQ2DjxRP6 geschéckt. Dëst ass de gréisste $ BTC on-chain Transaktioun vum Joer. D'Adress huet en Héich vun 143,310 gehalen $ BTC am Oktober, war am November eidel eraus, an ass elo zréck op 40,141 $ BTC. "
Dee presentéierten Inhalt kann d'perséinlech Meenung vum Autor enthalen an ass ënner Zoustand vum Maart. Maacht Är Maartfuerschung ier Dir a Kryptowärungen investéiert. Den Autor oder d'Publikatioun huet keng Verantwortung fir Äre perséinleche finanzielle Verloscht.
Source: https://coingape.com/bitcoin-btc-price-up-6-following-us-equities-will-rally-continue-this-weekend/