Bitcoin Price Mirrors Nasdaq 100's Performance, BTC Run To $90K

Highlights

The price swings of Bitcoin appear to closely mimic those of the Nasdaq.
To keep the market afloat, the BTC price rise should occur anywhere near the halving time.
The current live price of Bitcoin is $65,974.5, and the total volume of cryptocurrency trades in a day is $29.9 billion.

Bitcoin price has toppled in the past few days, ahead of the halving. However, the trend is currently coinciding with the moves of the Nasdaq 100. To continue following the trajectory, Bitcoin prices will have to rise above $69K, keeping the upward trend in motion.

Bitcoin Price Mirrors Nasdaq Movement

As per carts and figures, the price swings of Bitcoin appear to closely mimic those of the Nasdaq. To confirm this pattern, Bitcoin needs to quickly rise above $69,000. If the prediction does happen, it would signify a rise in the risk appetite of investors. To keep the market afloat, the price rise should occur anywhere near the halving time.

#Bitcoin seems to be mirroring the Nasdaq's price movements closely. To validate this pattern, $BTC must swiftly recover above $69,000! pic.twitter.com/oRCiJ6a7Ei

— Ali (@ali_charts) April 3, 2024

Bitcoin Price Drop

The drop in the price of Bitcoin has impacted the whole cryptocurrency industry. This year, Bitcoin is about to go through its fourth halving event. The market is now placing bets that after the event, there will be a bull run. BTC has been rising over the past three months, setting a new all-time high, and as recently it was trading at roughly $70K. Right now, just before the halving, Bitcoin is in a correctional phase before entering a bull run.

The remainder of the cryptocurrency market is also feeling the impact of BTC’s decline. Ethereum has dropped below $3500, and the whole value of the cryptocurrency market has also decreased by 7%.

There has always been a price decrease throughout the waiting period for the halving. However, the price of Bitcoin has historically led to a protracted bull run once the halving period ends. Observing how Bitcoin ends up dominating the cryptocurrency market will be interesting.

Bitcoin Price Today

The current live price of Bitcoin is $65,974.5, and the total volume of cryptocurrency trades in a day is $29.9 billion. Bitcoin (BTC) is presently trading between $66K and $64K, having surged 1.12% over the last 24 hours. The current market capitalization of Bitcoin (BTC) is $1.3 trillion.

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Nausheen Thusoo

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