BlocksInform
To date, Bitcoin has clearly outperformed Nasdaq 100 this year – up about 40% from a much smaller 11% gain in the Technology Index.
Katie Stockton’s remarks on CNBC
Interestingly, BTC remained resilient in the back half of the current month even after the U.S. Bureau of Labour Statistics said inflation was up more than expected in January.
Nevertheless, Fairlead strategies' Katie Stockton says bitcoin and the nasdaq 100 index will probably be more correlated back in the future.
We suspect that now that stocks are shrinking again, we will return to this mode of higher correlation between bitcoin and nasdaq 100 and other risk assets.
A day earlier, CoinShares data confirmed that short-bitcoin funds secured inflows of $10 million last week.
Bitcoin must break on top of a key resistance.
According to Stockton, Bitcoin is still trading under a strong resistance around the $25,000 level and has to break over it to appear appealing. On CNBC’s “Squawk Box”, she said:
It needs to clear that level in order to look better and because that would resolve a trading range to the upside and tell us that range is more likely a reversal pattern versus a continuation pattern.
Stockton remains neutral on returns and the USD for the coming months, she also confirmed.
BTC last week was briefly seen trading just above the said price – a move that analysts at Bitfinex said could indicate a possible bottom.
