Bitcoin and Nasdaq Correlation Rises: Is Big Tech Dragging Crypto Down?
Bitcoin's Correlation with Nasdaq: Bitcoin's 30-day correlation with the Nasdaq has surged to its highest level in months, indicating that concerns affecting large-cap tech stocks are now impacting the cryptocurrency market as well.
Impact of Tech Market Volatility: The recent spike in correlation coincides with fears of an AI-tech valuation bubble and a broader risk-off sentiment, leading to heavy de-risking among retail traders and a pullback in leveraged positions.
Liquidity and Selling Pressure: As tech volatility increases, Bitcoin has experienced accelerated ETF outflows and decreased liquidity, contributing to its recent slip into correction territory.
Future Outlook for Bitcoin: The high correlation suggests that Bitcoin is moving in tandem with tech stocks, and if fears in the AI sector persist, Bitcoin may continue to be affected by Nasdaq fluctuations until a significant macro catalyst emerges.
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Technical Analysis for AI
Technical Sentiment Analysis for Sleepless AI (AI) As of , Sleepless AI (AI) 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 AI 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, AI 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 $-.
Sleepless AI (AI) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00934 | 0.0149 | 0.02 | 0.0256 | 0.0307 | 0.0363 | 0.0414 |
| Fibonacci | 0.0149 | 0.019 | 0.0215 | 0.0256 | 0.0297 | 0.0322 | 0.0363 |
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