Can Bitcoin price hold $24K as stocks correlation hits lowest since 2021?

Bitcoin silver linings are few and far between on short timeframes as BTC price bid liquidity dries up above $23,000. 1468 Total views 30 Total shares Listen to article 0:00 Market Update Own this piece of history

Collect this article as an NFT Bitcoin (BTC) wicked to five-day lows on Feb. 22 as a comedown for United States equities continued.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewAnalyst on Bitcoin: Waiting for a bit lower

Data from Cointelegraph Markets Pro and TradingViewrecorded lows of $23,871 on Bitstamp, with S&P 500 futures slipping under 4,000 ahead of the Wall Street open.

Bitcoin bulls had lost ground after the U.S. holiday weekend, which ended in weakness across equities and a failed attempt to flip $25,000 to support.

For Cointelegraph contributor Michal van de Poppe, who hoped the correction would be short-lived, it was time to wait and see.

Markets correcting as U.S. indices are also correcting at this point. This means, opportunities! he told Twitter followers on the day. I think Ill be waiting for a bit lower on Bitcoin to get triggered for a long position.

Van de Poppe had previously forecast a move to as high as $40,000 for BTC/USD before a correction set in, potentially shaving 50% off that high.

Meanwhile, Dylan LeClair, senior analyst at UTXO Management, warned that a crisis between stocks and U.S. bonds continued to play out.

Bonds rolling over over the past month served as a flashing alarm for a reversal, during which equities became the most expensive relative to bonds since before the GFC, as 2021 bubble favorites led the rally, part of a Twitter thread read.

Another post nonetheless noted that Bitcoins correlation to stocks was at its lowest since late 2021 but still very much positive.

I am quite interested to see how bitcoin trades during the next risk off move in legacy markets… Let’s see, LeClair added.Macro asset vs. Bitcoin correlation annotated chart. Source: Dylan LeClair/ TwitterBinance Notorious B.I.D. gets filled

Within Bitcoin, attention still focused on a sizable bid wall, which had moved the spot price by shifting itself around the Binance order book in recent days.

Related:Bitcoin active addresses concern analyst despite 50% BTC price gains

Dubbed the Notorious B.I.D. by monitoring resource Material Indicators, the bid liquidity met spot price head-on as Bitcoin dipped, with bids getting filled.

Switched to Absolute CVD Value to confirm that the Notorious B.I.D. wall was filled. #FireCharts pic.twitter.com/4TutHr01Bh— Material Indicators (@MI_Algos) February 22, 2023

With support thus removed from the order book, Material Indicators added in accompanying comments that it would be very happy if BTC/USD were to now continue downward to $21,500.

The bid wall got filled. Liquidity hasnt stopped moving around the order book long enough to analyze. Waiting for it to settle down, another post stated.

The views, thoughts and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph. #Bitcoin #Bitcoin Price #Markets #Stocks

Add reaction

Add reaction Related News How do you assess the value of an NFT? Heres why Bitcoin price could correct after the US government resolves the debt limit impasse Bitcoin price is up, but BTC mining stocks could remain vulnerable throughout 2023 Bitcoin aims for $25K as institutional demand increases and economic data soothes investor fears Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs