While US stocks were declining, the sudden recovery in the cryptocurrency market caused disagreements in the market.
One of the most important markets in the USA S&P 500 And NASDAQon December 20 The sharpest decline in the last 3 months by testifying It lost nearly 2% of its value. In parallel with these declines on the US side, Bitcoin (BTC) The sudden rises observed in the cryptocurrency market, including , attracted the attention of both investors and analysts.
The cryptocurrency market, which mainly moves for correlation with the US stock market, is moving in an opposite manner in the current days. market dynamics may be changing aimed at interpreted as a signal.
NASDAQ 20 December Wednesday 1.79% While the S&P 500 is losing value 1.71% lost value. Bitcoin within the same hours 3% while rising Ethereum (ETH) whereas 2.66% gained value. In addition US dollar index (DXY) The data has also been trending downwards for a while.
On the other hand, especially of NASDAQ reaching its all-time high (ATH) and the cryptocurrency market rising very quickly in November There were some who expressed that it could bring a transition to a calmer market atmosphere in the coming days.
SynFutures CEO made a statement on the subject: Rachel Linstated that the RSI indicator has cooled down and the market may go into stasis mode for a while:
This week we witnessed a sideways trend with Bitcoin moving between $40,500 and $43,500 while Ethereum moved between $2,150 and $2,250. Both cryptocurrencies and the broader market are consolidating near recent highs following a rapid rise in value in November. A notable effect of this sideways move was the cooling of the RSI, which was in the overbought territory two weeks ago.