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Bitcoin price surpasses 88,000 USD as BTC accelerates its separation from the stock market
Bitcoin (BTC) has strengthened its divergence from the stock market as it enters the Wall Street trading session on April 21, amid escalating trade tensions between America and its Asian partners.
According to data from TradingView, BTC has reached its highest level of the month, exceeding 88,000 USD.
In contrast, the stock market is under heavy selling pressure. Both the S&P 500 and Nasdaq Composite indices have fallen more than 2% at the time of writing.
The new strength of Bitcoin seems to have ended the phase of trading in parallel with stocks, as investors react to headlines related to the trade war.
Tensions escalated after both China and Japan issued warnings about the deterioration in relations with America, while President Donald Trump continued to criticize Fed Chairman Jerome Powell over interest rate policy.
"Technology stocks continued to be sold off last week. Nvidia (NVDA) has dropped more than 15% since last Monday, while many stocks in the 'Magnificent 7' group have also lost over 10%," market analysis account The Kobeissi Letter commented on X.
"Without technology stocks, the market cannot find a bottom."
Kobeissi also emphasized the downward pressure on the Dollar Index (DXY), which has now fallen to its lowest level since March 2022.
"When the DXY falls to a new 52-week low below 99, Bitcoin and gold both surge strongly," Kobeissi summarized.
"The market is in urgent need of trade agreements immediately."
The trading company QCP Capital also expressed a positive outlook in the latest newsletter sent to its Telegram channel.
According to QCP, Bitcoin is gradually sharing the role of a "safe haven" alongside gold in the context of increasing macro instability – something that BTC has been unable to do in recent months.
"With the stock market closing last week in the red and continuing its downward trend of April, the story of Bitcoin as a hedge against inflation or instability is gradually coming back. If this trend continues, BTC could gain additional momentum from institutional investors."
QCP also believes that the outflow of capital from spot Bitcoin ETF funds in America recently may soon reverse.
"In fact, we have started to see early signals indicating that institutional confidence is returning. The inflow of capital into spot Bitcoin ETFs turned positive last week, with a total net inflow of $13.4 million – a complete contrast to the $708 million outflow of the previous week."
"In the options market, trading positions are also more balanced. Current options contracts are no longer heavily skewed towards short-term put options as before."
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making decisions. We are not responsible for your investment decisions.
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