Bitcoin Price Drops Below $77,000 as Dow Jones Hits New Records
On Friday, as U.S. stock markets reached new record highs, Bitcoin (BTC) faced selling pressure. According to TradingView data, the BTC/USD pair fell below $77,000 at the opening of Wall Street trading, losing nearly 1.2% in daily value. This was reported by Cointelegraph.com reports .
This decline continued a trend observed throughout the week: the start of U.S. trading sessions is putting pressure on the crypto market. As a result, Bitcoin's price moved differently compared to the stock market. Specifically, the Dow Jones Industrial Average reached a new record high, which did not go unnoticed by Donald Trump.
The S&P 500 and Nasdaq 100 indices are also on the verge of new historical peaks. Analysts at Mosaic Asset Company noted in their latest market commentary that conditions for broad-based growth in the stock market could soon improve. They believe that average stocks had been lagging behind major indices, which had been limiting breakout trading opportunities.
Mosaic analysts draw their conclusions based on the MACD indicator and the 20-day simple moving averages (SMA) of stocks. Meanwhile, Bitcoin's Coinbase Premium Index remains at monthly lows, indicating weak demand in the U.S.
Experts note that Bitcoin's 90-day growth trend still resembles a bull market rally. However, short-term fluctuations and the breakdown of correlation with the stock market are urging investors to exercise caution.
