“Despite Steep Declines in US Equities, Bitcoin Shows Surprising Strength, Holding Above Key Technical Levels.”, – WRITE: www.coindesk.com
The Tech-Heavy Index Lost 5.5% on Thursday, Just Outside The Top 20 Worst Single- Day DrawDowns Since 2000, Accounting To Investing.com. MOST OF THE LARGEST DRAWDOWNS OCCURRED DURING The DOT-COM CRASH OF 2000-2001 And the 2008 Global Financial Crisis. Other Equity Measures Also Suffired, with The S&P 500 Index Falling Almost 5%.
In Contrast, The Bitcoin (BTC) Price, Which Is Typically Correlated with US Equities Over Short Timeframs, Bucked The Trend. The Largest Cryptocurrency, Which Tumbled ImMediaTely After The Announcement While Stock Markets Were Closed, Rose 0.7% of The Following Day, With Momentum Carrying Into FRAYING INTO FRAYING INTO.
Bitcoin is now Trading Above $ 84,000 Compared with About $ 87,000 Before Trump Started Speaking. Nasdaq Futures, Meanwhile, Are Lower Ahead of the US Jobs Report Due Later in the Day.
Bitcoin Made ITS 2025 Low in Mid-March at AT AUND $ 76,000, WHEREAS The Nasdaq Hit A Low On Thursday. Year-to-Date, Bitcoin Is OutperForming The Nasdaq, Lozing 10% Against the Index’s 11%.
Analyst Caleb Franzen Highlighted Bitcoin’s Relative Strength Compared the S&P 500 in this Risk-Off Environment, Noting ITS Resiliencnce AOUND The 200-Day MOVING AVERAGE.
“IT’s pretty remarkable to see that bitcoin is up +3.4% today Relative to the S&P 500, Particularly in a Risk-Off Environment. As I’ve Recently Pointed Out, BTC/SPYC MOVING AVERAGE Cloud, “Franzen Said in A Post on X.
X Icon
