There has been a remarkable divergence in the cryptocurrency market recently. While the price of Bitcoin is losing strength, the Nasdaq, the US technology-heavy stock exchange, continues to record new highs. It is stated that this differentiation creates a new uncertainty about which asset investors in the market will turn to.
The divergence between Bitcoin and Nasdaq
Bitcoin has lost approximately 12% of its value since mid-May. During the same period, the Nasdaq index repeatedly reached new historical levels. Investors are carefully watching how this movement between crypto money and the traditional market will evolve.
Bitcoin is currently trading at $73,191 and has lost some value in the last session. This decline caused the price to remain below the key Fibonacci level at $75,712.
Investor and market analyst Michaël van de Poppe emphasized that the two markets have been moving in completely different directions since mid-May. As Bitcoin has failed to keep up with rising stocks in recent weeks, many analysts are divided on whether the cryptocurrency will rebound or the stock market will weaken in the coming days.
In such a period when Bitcoin lost value and Nasdaq continued to rise, the market was separated. This difference has become even more evident in recent days.
In an environment where Nasdaq broke new records one after another, the decline in Bitcoin caused investors to wonder “which market will recover?” It highlights the question.
Which market will come back?
Michaël van de Poppe stated that, looking at the current separation, there may be two scenarios in the short term. According to the first scenario, the Nasdaq index may weaken and follow Bitcoin’s movement. This assumption is likened to the weakening of risky assets after Bitcoin’s decline in February.
The second, and currently more talked about possibility, is the potential for Bitcoin to rebound in the coming weeks. Some analysts suggest that the recent decline in crypto is due to month-end balance sheet adjustments or profit taking.
Stating that fluctuations in the markets continue, van de Poppe also pointed out that this uncertainty may continue to be effective in the short term. Analysts state that in order for Bitcoin to rise again, it must first overcome some technical levels.
Mini dictionary: Fibonacci level is a technical analysis tool used to determine possible support and resistance points of prices in financial markets. These levels are calculated based on historical price fluctuations and can guide investment decisions.
Technical levels and short-term outlook
Bitcoin is trending below the major Fibonacci range drawn between $62,373 and $124,703. A sharp decline was observed after the upper band was reached on the daily price chart. In the short term, the resistance zone between $75,712 and $76,000 seems critical. If daily closings can be made above this level, the possibility of recovery in the short term will increase.
For movements above $76,000, the new target price levels followed are $86,183, 93,538, 100,893, and $109,993, respectively. On the other hand, the support zone lies between $62,373 and $65,000; Breaking this range downwards may bring a larger correction in the short term.
Technical indicators are also weak. Bitcoin’s MACD indicator is in the negative territory and below the signal line. Although the RSI value is above the average between 34.83 and 43.7, it seems that there is not enough power for an upward movement yet.
Market experts state that in order for Bitcoin to break out of the current pressure, it must first regain the $ 75,712 band permanently.
| Market | Final Price | Monthly Change | Critical Resistance | Critical Support |
|---|---|---|---|---|
| Bitcoin | $73,191 | -12% | $75,712 | $62,373 |
| Nasdaq | at record levels | +% | new heights | – |
