🔥 Bitcoin Outperforming Stocks During Last Drop: Buy The Dip!

19 янв. 2023 г.

After several days of being severely overbought, Bitcoin saw a ~6% yesterday. There was a lot of leverage in the market which got liquidated very rapidly, which is a normal thing in the land of crypto futures trading.

The thing that stood out the most was the fact that the stock market was dropping virtually all day while Bitcoin traded slightly bullish.

The BTC lowest hourly close was set during the first yellow vertical line, while it took almost another day of trading bearish for the SP500 to reach its lows.

In my view, this is exceptionally bullish. Sure, we corrected because of an overabundance of leverage, but the dip got bought up quite quickly and now we're above 21k again. If all goes as planned we're back at $21,500 tomorrow.

Overall, this break in correlation fits my view that we're going to see more gains for crypto in the near future.