Everything is down, except Bitcoin Cash!
On the week, Bitcoin dropped almost 10%. Since Monday, we’ve witnessed a small recovery of 4%. The 40-day correlation between Bitcoin and the Nasdaq100 index hit a record of 0.6945. The closer to 1 the higher the correlation. Does this question the argument Bitcoin is an inflation hedge and a portfolio diversifier?
Ethereum’s chart looks almost identical to Bitcoin. It dropped 7% on Monday. In the last two days, it had a 5% recovery. There was some important news coming out of the Ethereum camp. The PoW to PoS merge is no longer expected to launch in June. No current launch date other than “soon”.
Solana’s been in a downtrend since hitting its most recent high of $107 USD on April 14th, 2022. Its dropped 30% since. Finding support at $100 USD.
Bitcoin Cash +1.44%
Bitcoin Cash experienced the same drop on Monday other coins did. The difference is its recovery. On Tuesday and Wednesday, BCH’s price increased by almost 16%. It has yet to retrace any key Fib levels since its ATH in May of 2021 and a recent low in January of this year.
On Monday, Matic hit support at $1.32 USD. The lowest it’s been since it broke market structure on March 28th. Since Monday, it’s gained back 6%.
AAVE crashed 40% since its recent high of $262 USD on April 1st, 2022. This past week, it found support around $157 USD. Climbing 13% since hitting the $157 USD support level.
All Other Coins
Everything else was down. The Catalyst may be the market anticipating the negative CPI Print, as all coins were down on Monday.
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