Bitcoin dives on Wall Street open, DOGE price jumps on Elon Musk's Twitter offer
Bitcoin (BTC) took a chunk out of its impulse move above $41,000 on April 14 as Wall Street opened with a whimper.
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it made swift losses as trading began on April 14.
The pair had been approaching $41,600 the day prior, but momentum ran out overnight, and the largest cryptocurrency took minutes to shave almost $1,000 off its price at the opening bell.
At the time of writing, $40,000 was still in play as support but bulls had similarly failed to recoup the latest lost ground.
Traders began to favor a fresh downside once again, the mood fueled by a disappointing start for U.S. equities and Bitcoin's implied correlation.
#Bitcoin This won't be popular opinion but I think something like this is very probable.Won't be surprised in the slightest if it doesn't, but gut is telling me to keep an eye on it. pic.twitter.com/ym1SYXRZR2
The S&P 500 (SPX) traded down 0.34% at the time of writing.
"The correlation coefficient for BTC vs SPX has reached very high regions of ~0.9 on a 7-week basis," popular Twitter account CRYPTOBIRB noted.
Short-term price performance, thus, left few impressed as traders kept their guard up in case of a deeper retracement. For Anbessa, only the sustained retention of $41,300 would alter the immediate outlook.
Hopium: - potential early parabola - inverse H&S neckline highlighted greenI don't see this scenario playing out atm, ready to get stopped out on a bear flag breakout. A relcaim of Kijun Sen $41,3k could change the shortterm outlook. Still LONG above bear flag support.
Bitcoin's about-turn likewise took the wind out of altcoins, with only Dogecoin (DOGE) managing to buck the trend.
Related: BTC stocks correlation ‘not what we want’ — 5
Read more on cointelegraph.com
