Bitcoin

<ul><li>Despite market turbulence, BTC reclaims crucial support, showcasing resilience amid conflicting signals and uncertainties in economic indicators.</li><li>Surprising link between the US stock surge and Bitcoin&#39;s correction reveals a nuanced relationship, influencing investor sentiments and market dynamics.</li><li>Investors monitor Bitcoin&#39;s trajectory as it teeters near critical support, emphasizing the crucial role of broader financial indicators in its short-term fate.</li></ul>In a dramatic turn of events, Bitcoin&#39;s price teetered on the edge of a critical support level, trading at $35,530 amid a turbulent market influenced by the recent release of US Consumer Price Index (CPI) data. The cryptocurrency&#39;s rally, triggered by the CPI release, succumbed to a correction, while, surprisingly, the US stock markets experienced a substantial boost.Within a few hours, the <a href="https://www.reuters.com/article/uk-financial-banks-analysis-idUKTRE49K8P820081021" rel="noopener noreferrer nofollow">stock markets</a> in the United States witnessed an influx surpassing $700 billion. The October <a href="https://www.reuters.com/markets/us/view-cooler-october-us-cpi-raises-confidence-that-fed-hikes-done-2023-11-14/#:~:text&#61;In%20the%2012%20months%20through,year%2Don%2Dyear%20basis." rel="noopener noreferrer nofollow">CPI</a> data revealed a 3.2% year-on-year increase, slightly below the market forecast of 3.3%. This unexpected positive economic indicator led to significant gains in major stocks resulting in an impressive $739 billion in inflows.Interestingly, a positive correlation between the stock markets and Bitcoin emerged, with the S&amp;P 500 Index and Nasdaq 100 indices showing correlations of 0.25 and 0.33, respectively. While not confirming a direct increase, this correlation suggested a less intense impact of the broader market on the crypto space than anticipated.Amidst the stock market surge, Bitcoin faced a correction, trading at $35,536, marking a clear shift from an upward to a downward trend. The Moving Average Convergence Divergence (MACD) signaled bearishness, with the histogram bars extending below the zero line and the MACD line crossing below the signal line.Read full article at <a href="https://cryptotale.org/bitcoin-btc-nears-critical-support-as-stock-markets-surge-by-739-billion/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Bitcoin (BTC) Nears Critical Support as Stock Markets Surge by $739 Billion

CryptoTale

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