After US stock markets opened negative bitcoin also fell below $40,000 again.
Continuing its correlation with the US stock markets, Bitcoin continues to be affected by all changes in the indices.
Yesterday, with the recovery of the US stock markets after the opening, we were above $40,000. The increase in losses in the stock markets after the opening at 16.30 today also affected Bitcoin.
When we look at the current situation after the opening, Dow Jones is trading with -0.73%, Nasdaq 100 – 1.5%, S&P 500 -1%.
We see that there is a mixed course on the commodity side. Gold is trading at a premium of 0.6%, while Brent Oil is trading at a premium of 1.2%.
The dollar index continues to strengthen as we get closer to the next meeting when the FED will raise interest rates. DXY, which went up to 102 levels today, continues to remain at the highest levels after 2020.
When we look at the chart for Bitcoin, we see that the negative opening in the USA has a greater impact on the price, since we are in an important resistance zone.
As can be seen in the chart, we are in the region where the rising trend is broken and tested. Below we create a minor megaphone. Selling pressure may continue as long as we fail to break above this trend line.
While losses on Nasdaq are at 2% at the time of writing, Bitcoin’s resistance to regain $40,000 is considered positive, but as it stays below the trendline, pressure may increase.
If good purchases are made in the US stock markets, it will reflect positively on us. We’ll be following that side today.
*Not Investment Advice.