Bitcoin (BTC) Explores sub-$29K Despite NASDAQ Rally

Bitcoin reversed on Monday as regulatory reforms dented market sentiment. The declines emerged even as NASDAQ 100 recorded a rally.

  • Bitcoin stretched the previous week’s 3.30% drop with yesterday’s 3.93% drop, ending the day near $29,076.
  • The bearish reaction emerged regardless of NASDAQ 100 gaining 1.59%, with crypto space anxiety amidst possible regulatory landscape shift.
  • BTC indicators display red as the token stayed under50-dayEMA.

Bitcoin lost 3.39% yesterday to reverse Sunday’s 2.9% increase, ending the day near $29,076. Meanwhile, NASDAQ 100 recovered from its red to end the day in a positive region. BTC dip buyers could not offer support as the leading crypto erased gains noted earlier on the day to hit sub-$29K before a brief uptick.

Monday had BTC decoupling from NASDAQ during afternoon sessions. Bitcoin tracked NASDAQ 100 through the morning before reversing. As NASDAQ received support amid updates about China lifting lockdown measures and the U.S administration revising China tariffs, regulatory concerns weigh the crypto space.

The LUNA and UST collapse forced regulators to expedite regulatory reforms, translating to market uncertainty.

BTC Fear and Greed Index Prevents Sub-10/100 Revisit

Morning sessions today had the Fear and Greed Index climbing to 12/100 from 10/100. The rise emerged despite BTC hitting sub-$29K before ending Monday near $29,076. Preventing a revisit to 8/100 last week’s lows indicate a potential bottom out as far as investor fear is concerned.

However, the NASDAQ 100 decouple will have BTC bulls contemplating what the future holds. Economic uncertainty, stiffer regulatory scrutiny, and negative chatter by central banks might open gates for further declines for BTC.

Bitcoin Price Action

BTC was 0.39% up to $29,188 at this publication. The crypto needs a move through pivot at $29,524 to eye the first resistance at $30,188. Improve market sentiments remain crucial to support an upsurge to $30K.

Stretched upside would see BTC exploring the resistance at $31,300 ad $32.5K. Upticks beyond this area can propel the crypto towards the $33,072 hurdle. Nevertheless, weakness at the pivot will see Bitcoin exploring the support at $28,415. Bitcoin will discover the second massive support at $27.5K. Meanwhile, the barrier at $27,751 should prevent further declines.

By Noe Cliff
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