The S&P 500 and Nasdaq Composite Index traded down 4% and 8.7% year-to-date at the time of writing compared to 10% for BTC/USD.“TC has found some support at the $80k, but that seems tenuous at best amid broader macro weakness,” QCP continued.“We won't attempt to call the exact moment when the music stops, but in the short term, we struggle to identify meaningful tailwinds to reverse this rout.”Trading resource The Kobeissi Letter identified a potential silver lining in the form of increasing equities allocation by US retail investors.“Retail net inflows into Nasdaq 100 index stocks as a percentage of market cap have reached 0.1%, the highest in at least a year.
Source: Rekt Capital/XKeith Alan, co-founder of trading resource Material Indicators, meanwhile suggested that a dovish Powell could have a clear impact on price momentum.“A dovish tone that reduces recessionary fears could send Bitcoin price above the 200-Day and 21-Day MAs, and avert what seemed like an imminent death cross between those two key MAs,” part of an X post stated.
Related: Bitcoin futures 'deleveraging' wipes $10B open interest in 2 weeksSuch gaps, as Cointelegraph reported, continue to act as short-term price magnets.“Bitcoin continues to successfully retest the CME Gap as support (orange box, $78k-$80.7k),” Rekt Capital explained alongside an illustrative chart.“More, BTC has been doing so at a Higher Low (black).”CME Bitcoin futures 1-day chart.
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Author / Journalist: Cointelegraph by William Suberg
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