Bitcoin prices over the last seven days have been random, defying previous trading patterns. This has resulted in uncertainty trailing the coin. However, new evidence points to the coin experiencing more downtrends.
Bitcoin is Seeing More Increase in Its Large Wallet Inflow
The chart below shows the apex coin experiencing more wallet inflow. This is a sign that the largest cryptocurrency by market is set to see more price decreases. It remains to be seen how low the asset will fall.
Source: Whalemap
Exchange outflows as of the time writing are unable to measure up to the current inflow which indicates more downtrends in the coming days. Most of the time when this happens, the price changes are not massive. However, there is good news.
BTC Price Correlation With Nasdaq Hits a Record Low
The chart below shows price correlation between BTC and some traditional stocks and indices. The first on the list is DAX which negatively corresponds with the price of the top crypto.
Source: Intotheblock
Currently, the index is experiencing more selloffs and is down by a few percent. Taking the above statement into consideration, we may conclude that bitcoin may see more uptrends in relation to the asset.
The same can be said of Nasdaq. Although the correlation is not negative, it is at a record low which means more opposing price movements. One thing the two highlighted stocks have in common is their current price decrease.
If it continues, they may both experience a bearish convergence on the Moving Average Convergence Divergence. This will result in more drops in prices for both assets, which may spell goodwill for bitcoin.
This will only be possible if the if the price correlation remains as it is now (which is not guaranteed). Nonetheless, time will tell if the said metric will turn out in favor of the largest crypto.
