Nasdaq and Bitcoin: Correlation or Causation?
Bitcoin (BTC):
Bitcoin retraced to $22,400 overnight while finding short-term support above $22,500. $BTC will be under pressure until it's back above $23,000. We'll be keeping an eye on that psychological level as well as the most recent $23,400 pivot point.
Nasdaq/Bitcoin:
More earnings are on the way, with major names like Tesla releasing their reports. This directly affects Nasdaq's price action. Currently, the Nasdaq/Bitcoin correlation is relatively high, highlighting the importance of monitoring the earnings later this afternoon.
Shiba Inu ($SHIB):
Shiba Inu's Layer-2 network, Shibarium, will be a major milestone for the meme coin. $SHIB outperformed $DOGE by over 70% since December. However, it started to pullback from the top-end of a declining trend channel, indicating that the previous uptrend might be exhausted.
View the full report here:?Market Note – January 25, 2023
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