Bitcoin might soon test massive uptrend to mimic Nikkei 225
data from CoinMarketCap, the premier digital currency is down by 2.1%, with its price changing hands at $25,883.15. The coin appears not to be acting alone, according to an observation from Mike McGlone, the popular senior macro strategist for Bloomberg Intelligence.According to McGlone, Bitcoin is maintaining a strong correlation with one of the popular Japanese market indexes, the Nikkei 225.
The downside to this relationship, as he noted, is that the recent downturn in the price of the coin may portend a contagion for Nikkei 225 in the long run. The relationship at this time may not favor Bitcoin as bulls may choose to rally around the coin to pull off a related feat like the index, which recently retested a new high after about 33 years.
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