While Bitcoin is trying to maintain the $ 26,000 level, there has been little change in the last 24 hours.
While investors expect further rises, experts state that the BTC price remains under pressure at the $26,000 level because interest rates are pricing in that higher interest rates will prevail for an extended period of time.
According to Coindesk, FxPro senior market analyst Alex Kuptsikevich, who evaluated the Bitcoin and cryptocurrency markets, said that the correlation between crypto and stock markets has begun to improve.
“The positive correlation between cryptocurrencies and stock markets is temporarily back on track.
But despite the storm in stock markets, the crypto market remains subdued. Because the crypto market lost only 0.3% in the last 24 hours.
Besides, if we look at the Fear and Greed Index, the index is in the “fear” zone, which shows that despite the positive correlation, the cryptocurrency market has not suddenly become a safe haven.
“The index assumes that fear drives stocks down, while greed drives up stock values.”
At this point, when the correlation between cryptocurrencies and stocks turns positive and the index is fearful, the analyst warns that the calm in Bitcoin and crypto may not last long.
Bitcoin is trading at $26,396 at the time of writing.
*This is not investment advice.