Market Anxiety

Yesterday, the market saw a substantial 5% correction in BTC. Once again, the price is bouncing off the all-time high (ATH). We previously noted that the cause of this drop was related to negative reports from top U.S. stock market companies.

Once again, when stocks decline, we’re reminded of the correlation with crypto. Interestingly, during growth, the correlation is only about 15-20%, but as soon as a downturn begins, the crypto market immediately feels the pressure from its "big brother."

In essence, nothing has changed globally. There's been a correction at 69k and a test of that crucial zone that we've struggled to break for a long time. Ideally, we’d like to see a return to 72k, followed by a squeeze formation towards the ATH.

Since breaking 74k (the maximum level) in an accelerated move didn't succeed, it’s likely that we’ll need some consolidation, with the price pushing towards the highs.