Bitcoin Is Headed for Its First Weekly Gain Since August
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The possibility of a weekly gain comes as Bitcoin rebuilds its correlation with technology stocks, mirroring the price moves of the Nasdaq 100 Index as it climbed earlier this week. However, the tech-heavy index is on track to be flat to modestly negative for the week as declines in Amazon.com Inc. and Nvidia Corp. drag it lower on Friday. With investors getting ready to parse a bevy of economic data and the Federal Reserve’s rate decision next week, it’s unclear how stocks will perform going forward.
The thing about drawing conclusions when everything rallied the day before triple witching is that may not last. Today the Nasdaq-100 fell but bitcoin was up. Bitcoin’s rebound is more about impending demand in anticipation of spot priced ETFs than any particular enthusiasm around technology investing.
The price continues to bounce from the region of the lower side of its range and a sustained move below $25,000 would be required to question potential for additional upside.