1 month ago
Bitcoin joins US stocks futures successful a alleviation rally aft a bruising US trading league sends BTC terms enactment to caller four-month lows and punishes stocks.
Bitcoin (BTC) rebounded supra $81,000 connected March 11 arsenic US stocks’ futures sought alleviation from a brutal sell-off.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
BTC terms bounces backmost amid calls for abbreviated squeeze
Data from Cointelegraph Markets Pro and TradingView showed regular BTC terms gains approaching 4%.
New four-month lows had accompanied the erstwhile day’s Wall Street trading league arsenic recession fears sent risk-asset investors fleeing.
The S&P 500 and Nasdaq Composite Index finished the time down 2.7% and 4%, respectively. At the clip of writing, Nasdaq 100 futures had recovered astir 0.4% from a travel to their lowest levels since September 2024.
Commenting, trading assets The Kobeissi Letter suggested that markets had entered an unsustainable downtrend.
“Are we overdue for a monolithic abbreviated squeeze?” it queried successful a thread connected X, noting risk-asset sentiment successful “extreme fear” territory.
“Even bears who are calling for a prolonged carnivore marketplace would request to spot immoderate alleviation rallies. Markets bash not determination successful a straight-line long-term. Eventually, a (tradable) abbreviated compression is inevitable.”
Nasdaq 100 futures 1-day chart. Source: Cointelegraph/TradingView
Kobeissi and others referenced unusually precocious readings from the VIX volatility scale portion making the lawsuit for a sustained recovery.
“$VIX has lone been higher 11% of the time, going backmost to 1990,” web economist Timothy Peterson, creator of several Bitcoin terms forecasting tools, continued.
“Put different way, determination is an 89% accidental that contiguous was the bottom.”
VIX volatility index. Source: Timothy Peterson/X
Bitcoin investigation sees “very unsmooth time” ahead
Bitcoin frankincense saw immoderate much-needed upside connected abbreviated timeframes aft reaching $76,600 connected Bitstamp.
Related: Biggest reddish play candle ever: 5 things to cognize successful Bitcoin this week
“$BTC conscionable had a bullish divergence connected the 4H timeframe,” fashionable trader Cas abbe reacted portion analyzing comparative spot scale (RSI) signals.
“I'm not saying this is the reversal but a short-term pump looks imminent now.”
BTC/USD 4-hour illustration with RSI data. Source: Case Abbe/X
Previously, trader and expert Rekt Capital told X followers to watch for akin RSI cues from the regular illustration to corroborate a much sustainable BTC terms comeback.
Zooming out, different fashionable crypto marketplace participants remained gloomy. Among them was the pseudonymous X trader HTL-NL, who concluded that BTC/USD was improbable to lucifer all-time highs.
BTC/USDT 1-day chart. Source: HTL-NL/X
“Before anyone of you deliberation this is specifically happening successful crypto: it’s not,” different of his latest posts stated alongside a illustration of S&P 500 futures.
“It happens to each hazard disconnected assets. It’s called a recession probably. US is successful for a precise pugnacious time.”
S&P 500 futures 1-day chart. Source: HTL-NL/X
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