Bitcoin dives on Wall Street open, DOGE price jumps on Elon Musk’s Twitter offer

Bitcoin (BTC) took a chunk out of its impulse move above $41,000 on April 14 as Wall Street opened with a whimper. 

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin follows stocks downhill

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it made swift losses as trading began on April 14.

The pair had been approaching $41,600 the day prior, but momentum ran out overnight, and the largest cryptocurrency took minutes to shave almost $1,000 off its price at the opening bell. 

At the time of writing, $40,000 was still in play as support but bulls had similarly failed to recoup the latest lost ground.

Traders began to favor a fresh downside once again, the mood fueled by a disappointing start for U.S. equities and Bitcoin’s implied correlation.


This won’t be popular opinion but I think something like this is very probable.

Won’t be surprised in the slightest if it doesn’t, but gut is telling me to keep an eye on it.

— Nebraskangooner (@Nebraskangooner) April 14, 2022

The S&P 500 (SPX) traded down 0.34% at the time of writing.

“The correlation coefficient for BTC vs SPX has reached very high regions of ~0.9 on a 7-week basis,” popular Twitter account CRYPTOBIRB noted.

“It shows that on average, Bitcoin has been trading like the large-cap equities and the inter-market connection is apparent. As the correlation fluctuates, inversion may be ahead.”

Short-term price performance, thus, left few impressed as traders kept their guard up in case of a deeper retracement. For Anbessa, only the sustained retention of $41,300 would alter the immediate outlook.

– potential early parabola
– inverse H&S neckline highlighted green

I don’t see this scenario playing out atm, ready to get stopped out on a bear flag breakout.

A relcaim of Kijun Sen $41,3k could change the shortterm outlook. Still LONG above bear flag support.

— AN₿ESSA (@Anbessa100) April 14, 2022

Dogecoin sees reliable bull forces return

Bitcoin’s about-turn likewise took the wind out of altcoins, with only Dogecoin (DOGE) managing to buck the trend.

Related: BTC stocks correlation…



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