So, the price of bitcoin has reached a global bullish trend and successfully rebounded from it, today's daily candle has every chance to close in green, which should mark a rebound:
Recently, Kaiko and CoinShares released fresh reports:
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https://blog.kaiko.com/bitcoins-correlation-with-nasdaq-at-all-time-highs-7fbda3c06f84-
https://blog.coinshares.com/volume-79-digital-asset-fund-flows-weekly-report-7c2742eacb77Despite the strong fall in the price of bitcoin, the inflow into the crypto industry was higher than the outflow, which suggests that investors currently see good opportunities to increase their positions:
The main group of investors that created selling pressure were private wallets, the percentage of which increased from 10% to 40% in the flow of bitcoins to exchanges for sale. This means that institutional investors did not panic and kept their assets intact:
Crowd fear has reached an all-time high. Perhaps this is a good signal to start buying cryptocurrency:
Bitcoin Nasdaq Correlation Reaches ATH:
At the same time, the correlation of Bitcoin with the SP500 has a positive trend:
We chart the Bitcoin to Nasdaq price ratio alongside 5-year inflation expectations — a market based measure of the expected inflation over the next 5 years — and can observe this trend in action. However, it could also mean that Bitcoin is perceived as a riskier asset and it suffers more when the Fed’s credibility in fighting inflation is improving.
There are also tangible shifts in the direction of bitcoin and crypto adoption, as Turkey’s demand for cryptocurrencies has increased due to 70% inflation. And as a rule, people are always looking for salvation in cryptocurrencies in countries where there is high inflation or an unstable economic situation:
Open interest in bitcoin futures has been relatively quiet during sell-offs, suggesting that the drop is not driven by more derivative pressure, increased leverage, and other factors. The sales were spot.
