Bearish For Bitcoin: Nasdaq Forms Exact Signal Seen at Dotcom Bubble Peak

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A common narrative that has cropped up in the crypto space is that Bitcoin is just tracing the price action of the stock market. In June, a team of analysts at Wall Street bank JP Morgan said that since March’s crash, “Cryptocurrencies have traded more like risky assets like equities—a significant change relative to the prior couple of years.” This correlation has also been observed by some of Bitcoin’s bulls. Digital asset manager Charles Edwards posted a chart showing that when there is high volatility in stocks, BTC trades in tandem with them. Chart of BTC’s price action along with the S&P 500 by Charles Edwards, a digital asset manager. Chart from TradingView.com Unfortunately for Bitcoin bulls, then, the Nasdaq 100 index just printed a signal last seen at the top of the Dotcom bubble. This comes as sentiment on the state of the stock market has become increasingly bearish…

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