Bitcoin

Following <a href="https://finbold.com/topic/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin’s</a> (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) latest price rally, the leading <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency’s</a> correlation with tech <a href="https://finbold.com/stocks/" rel="noopener noreferrer nofollow">stocks</a> diverged further in June, indicating that crypto assets are increasingly charting their own course.More specifically, the correlation between BTC and top US stocks tracked by the Nasdaq 100 <a href="https://finbold.com/category/stocks-news/" rel="noopener noreferrer nofollow">stock market</a> index plummeted to the lowest level in nearly three years in June, according to a <a href="https://research.kaiko.com/insights/whats-driving-bitcoins-rally" rel="noopener noreferrer nofollow">blog post</a> published by crypto research platform Kaiko on June 26.At the moment, the correlation between the two asset classes stands at just 3% this month after Bitcoin strongly outperformed Nasdaq 100 over that period. In particular, the number one crypto coin gained almost 14% in June, compared to just 3% gains seen in the broader <a href="https://finbold.com/category/technology-news/" rel="noopener noreferrer nofollow">tech</a> index.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/ee91c4a9a1b7413ebd12cf2af6ada44f.png" />BTC’s correlation with tech-heavy Nasdaq 100. Source: KaikoCompared to 2022, the move represents a steep drop in correlation, which stood at an average of 60% last year.<h2 id="header-0">BTC boosted by ETF filings</h2>After dropping below $25,000 mid-month due to intensifying regulatory crackdown in the US, Bitcoin’s price recovered sharply since June 15. On that day, BlackRock (NYSE: <a href="https://finbold.com/stock/blackrock-stock-blk/" rel="noopener noreferrer nofollow">BLK</a>), the biggest asset management firm in the world, <a href="https://finbold.com/massive-adoption-alert-blackrocks-ceo-once-said-zero-clients-interested-in-crypto/" rel="noopener noreferrer nofollow">filed</a> an application to launch a spot-Bitcoin <a href="https://finbold.com/guide/what-is-bitcoin-etf/" rel="noopener noreferrer nofollow">exchange-traded fund</a> (ETF).The move was mimicked by several other traditional finance companies, such as Invesco, Valkyrie, WisdomTree, and, most recently, <a href="https://finbold.com/europes-biggest-bank-adds-support-for-bitcoin-and-ethereum-etfs-in-hong-kong/" rel="noopener noreferrer nofollow">HSBC</a>. The actions triggered a surge in optimism over potential institutional crypto adoption, <a href="https://finbold.com/bitcoin-skyrockets-20-in-a-week-to-hit-30000-amid-institutional-backing/" rel="noopener noreferrer nofollow">elevating</a> BTC above $30,000 for the second time in 2023.<h2 id="header-1">Bitcoin price analysis</h2>At the time of publication, BTC was <a href="https://finbold.com/guide/cryptocurrency-trading/" rel="noopener noreferrer nofollow">trading</a> at $30,389, down 0.42% in the past 24 hours.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/a7f022988afc47ffadae7278e7d4614f.jpg" />BTC 1-week price chart. Source: FinboldOver the past week, the cryptocurrency gained nearly 15%, and more than 83% since the start of the year.In the wake of the most recent rally, eminent <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">crypto market</a> expert Michaël van de Poppe <a href="https://finbold.com/rally-to-38k-on-the-cards-for-bitcoin-leading-expert-insight/" rel="noopener noreferrer nofollow">said</a> that Bitcoin has managed to stay above the 200-week exponential <a href="https://finbold.com/guide/moving-average/#:~:text&#61;Moving%20average%20definition,%2Dto%2Dday%20price%20fluctuations." rel="noopener noreferrer nofollow">moving average</a> (EMA), a critical zone for BTC.In addition, he pointed out that a former <a href="https://finbold.com/guide/support-and-resistance/" rel="noopener noreferrer nofollow">resistance</a> zone is now acting as support for the cryptocurrency, through which BTC could witness “another rally to $38K,” the analyst emphasized.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Bitcoin’s correlation with tech stocks falls to a 3-year low

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