Why can’t Bitcoin reach a new record just as AI pushes tech stocks to new heights?

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Last Updated on 30 May 2024 by CryptoTips.eu

As the American stock markets reopened after the long ‘Memorial Day’ weekend, the technology stocks focused Nasdaq reached a new record. This was mainly due to good news for AI-related stocks such as Nvidia, a company that has already seen its shares rise by more than 130% this year.

Meme stock Gamestop also made the news again with a gain of 25%.

Meanwhile, after a stellar first quarter, Bitcoin is struggling to break through any price above $70,000. Why is it that crypto doesn’t continue to rise along with tech? Apparently many automatic sales orders need to be liquidated at that level first.

I already predicted it on May 25: either we’ll see a double top drop or a run-up to a new record, with $80k as an initial target.

Advertentie.

Trading range

The stock markets are also aiming higher now that we are receiving more and more signals that we can expect a first interest rate cut soon.

However five days on and we are still looking at a Bitcoin price struggling to overcome the $70k price point. Every time we reach that price, a sell-off follows that pushes Bitcoin back towards $65k. The trading band is narrowing, but a real breakthrough is missing.

The well-known Dutch analyst Michaël van de Poppe expects that to happen in the coming days and weeks. But first we’ll need to get through those many persistent automatic sell orders at $70k. So just be patient

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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