According to IntoTheBlock, Bitcoin’s value is increasingly correlated with the prices of tech stocks amid the uncertainty in the crypto markets.
In the published article, it was stated that the compatibility of Bitcoin with the Nasdaq 100 has reached an unprecedented level in two years:
“Bitcoin’s correlation with the Nasdaq 100 has reached its highest level since April 2020.
Now, artificially high monetary conditions are coming to an end, uncertainty is increasing, and buying interest is falling with interest rate hikes.
The platform says that based on the In/Out of the Money metric, key support and resistance levels for Bitcoin can be found.
IntoTheBlock claims that, based on the exits from the exchanges, a supply shock may occur in the exchanges. Exits from exchanges mean that investors often withdraw their assets into cold wallets.
At the time of writing, Bitcoin continues its rise and is trading at $ 41,790.
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