Has Bitcoin decreased to 75 thousand dollars on the bottom? – The data indicates that BTC will continue

Bitcoin (BTCLess than $ 75,000 decreased on April 6, and it pressed from traditional markets, as the future of the S&P 500 has reached its lowest level since January 2024. The initial panic has decreased the WTI futures futures to less than $ 60 for the first time in four years. However, the markets later regained some losses, allowing Bitcoin to restore $ 78,000.

Bitcoin’s high association with traditional markets is to be short -lived

While some analysts argue that Bitcoin entered a Bear market after correcting a price of 30 % of the peak of the session, its historical data provides many examples of the strongest recovery operations. It is worth noting that Bitcoin’s high connection with traditional markets tends to be short -term. Several indicators indicate that merchants are simply waiting for better entry opportunities.

The last Bitcoin’s performance has been closely linked to the S&P 500, but this link is greatly fluctuated over time. For example, the negative relationship turned in June 2024, when two assets categories moved in opposite directions for about 50 days. Moreover, while the link scale exceeded the threshold of 60 % for 272 days over two years – 38 % of this period – this figure is statistically decisive.

The latter bitcoin decreased to $ 74440 reflects the increasing uncertainty in traditional markets. While periods of unusually high connection between Bitcoin and traditional origins have occurred in the past, they rarely last long. Moreover, most major technology shares are currently trading by 30 % or more than their highest levels ever.

Gold failed as a “value store” between 2022 and 2024

Even with the 1.5 trillion dollar market value, Bitcoin remains one of the 10 best trading in the world. While gold is often seen as the only reliable.Value storage“This perspective overlooks its fluctuations. For example, gold fell to $ 1,615 by September 2022 and took three years to recover its highest level ever at $ 2075.

Although gold includes the market value of $ 21 trillion-higher at 14 times from Bitcoin’s- the gap is in the funds circulating on the Stock Exchange (ETF) under management is much narrower: $ 330 billion for gold compared to 92 billion dollars for Bitcoin. In addition, the tools listed in the Bitcoin menu appeared such as Grayscale Bitcoin Trust (GBTC) in the stock exchanges in 2015, giving gold a 12 -year feature in the presence of the market.

The importance of Bitcoin ETFS and its flexibility in BTC derivatives

From the point of view of the derivatives, the Bitcoin Perpetual Futures remains in excellent condition, with Funding rate She hovers near scratch. This indicates a request for a balanced crane between the phase (buyers) and short pants (sellers). This is a sharp contradiction with the period between March 24 and March 26, when the financing rate has turned negatively, reaching 0.9 % per month – which increases the demand for vibrant positions.

In addition, $ 412 million Filter benefit Long positions between April 6 and April 7 were relatively modest. For comparison, when the Bitcoin price decreased by 12.6 % between February 25 and February 26, the total of the upcoming arrogance centers reached 948 million dollars. This indicates that merchants were better this time or relied less on the leverage.

Finally, Stablecoin’s demand in China offers more feelings in the market. A strong retail demand for encrypted currencies usually pushes Stablecoins to trading by 2 % or more than the official US dollar rate. On the contrary, a premium less than 0.5 % often indicates fear as traders look out of the encryption markets.

Related to: Michael Sailor strategy stops Bitcoin despite the decline to less than 87 thousand dollars

The USDT remains at 1 % on April 7, even with the price of bitcoin to less than 75,000 dollars. This indicates that investors are likely to turn their positions into Stablecoins, and they may wait for the confirmation that the US stock market has reached below before returning to cryptocurrency investments.

Historically, Bitcoin showed that there is no relationship with the S&P 500. In addition, the futures financing rate near BTC, the relatively modest future rank indicates millions, and 1 % Stablecoin premium in China indicates a strong possibility that the price of Bitcoin has found a bottom at $ 75,000.

This article is intended for general information purposes and does not aim to be and should not be considered legal or investment advice. The opinions, ideas and opinions expressed here are alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.