Bitcoin Declines More Rapidly Than Nasdaq as Correlation Shift Becomes Negative
Bitcoin's Correlation with Nasdaq: Bitcoin's 30-day correlation with the Nasdaq 100 has reached 0.80, the highest since 2022, indicating a strong relationship where Bitcoin tends to drop more sharply during stock market declines while recovering less during rallies.
Market Decline and Liquidity Issues: The crypto market has lost $1.1 trillion in value over 41 days, with Bitcoin dropping 25% in a month, attributed to reduced liquidity, stalled stablecoin supply, and a shift in investor focus towards mega-cap tech stocks.
Loss of Safe Haven Status: Bitcoin's correlation with traditional safe-haven assets like gold has diminished, with gold outperforming Bitcoin by 25 percentage points since October, raising concerns about Bitcoin's effectiveness as a hedge in the current market environment.
Bear Market Conditions: The current market is characterized as a "leverage and liquidation-based bear market," with Bitcoin behaving more like a leveraged tech stock rather than a stable digital asset, reflecting a high downside beta and weak upside response.
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Technical Analysis for SAFE
Technical Sentiment Analysis for Safe (SAFE) As of , Safe (SAFE) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for SAFE stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, SAFE is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Safe (SAFE) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0455 | 0.0674 | 0.0892 | 0.111 | 0.133 | 0.155 | 0.177 |
| Fibonacci | 0.0674 | 0.0841 | 0.0944 | 0.111 | 0.128 | 0.138 | 0.155 |
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