Analyst and trader Nicholas Merten has reservations about Bitcoin (BTC) despite the flagship crypto asset’s massive rally over the past week.
Merten tells his 511,000 YouTube subscribers that although the Bitcoin-to-Nasdaq stock index correlation looks bullish, the macro environment is unfavorable.
“I definitely have to say that this chart right here, the Bitcoin-to-Nasdaq, ratio is what has gotten me most excited. Seeing that we’ve been able to get above the 200-week and 200-day moving averages is definitely a really positive sign.
But as we saw here back on the last trading day, we faded a lot of those gains. I have to see that it can hold up here because, according to history, when we get up in this range [above $25,000], it doesn’t last
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