Standard Chartered: Bitcoin (BTC) Correction Triggered by Stock Market Crash!

Jakarta, Pintu News – Bitcoin BTC->Current BTC PriceRp 0Market CapRp 0Trading VolumeRp 0Circulating SupplyRp 0 has recently shown a price recovery after a decline, with a 2% gain in the last 24 hours. From a daily low of $79,059.43, Bitcoin (BTC) reached an intraday peak of $83,737.45. These fluctuations confirm Bitcoin’s (BTC) sensitivity to broader market dynamics.

Check out the full analysis here!

Stock Market Impact on Bitcoin (BTC)

Standard Chartered’s Geoff Kendrick, who serves as Head of Digital Asset Research, revealed that Bitcoin’s (BTC) performance is strongly linked to major tech stocks often referred to as the “Magnificent Seven”.

According to him, when it comes to volatility-adjusted returns, Bitcoin (BTC) can be aligned with big companies like Tesla, Meta, and Apple. Kendrick added that Bitcoin’s (BTC) recent price drop is not due to fundamental weakness.

He highlighted macroeconomic factors affecting global risk assets as the main cause. Bitcoin (BTC) price recovery could be triggered by two things: first, a rebound in high-growth technology stocks, which could give a positive signal for Bitcoin (BTC).

Also read: Rumble Buys $17 Million Worth of Bitcoin, Is this the Future of Finance?

Federal Reserve Policy and Its Impact

The Federal Reserve’s (Fed) interest rate policy is an important factor affecting the price of Bitcoin (BTC) in the short term.

The Federal Open Market Committee (FOMC) is scheduled to meet on March 19, and the market is almost certain (97%) that interest rates will remain fixed. This decision will significantly impact the price of Bitcoin (BTC).

If the Fed signals future rate cuts, it could boost investor confidence and create a more favorable environment for risky assets like Bitcoin (BTC).

Kendrick suggested that if the chance of a rate cut in May increases from 50% to 75%, Bitcoin (BTC) could experience a strong rebound.

Also read: Bolivia Turns to Crypto for Energy Imports Amid US Dollar Crisis!

Key Price Levels to Watch

One key resistance level to watch is the 20-day Exponential Moving Average (EMA), which currently stands at $87,388. Bitcoin (BTC) needs to break this level to regain bullish momentum.

Ali Martinez, a crypto market analyst, highlighted on-chain data showing strong support at $79,270 and a deeper support zone at $69,450. If Bitcoin (BTC) price drops below $76,500, it will likely test those lower support levels.

Conclusion

Despite the short-term uncertainty, Kendrick remains optimistic about Bitcoin’s (BTC) long-term prospects. He stands by his prediction that Bitcoin (BTC) will reach $200,000 by the end of 2025. This shows a strong belief in the potential and resilience of Bitcoin (BTC) amidst market fluctuations.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• Coinedition. Standard Chartered: Bitcoin Correction Linked to Stock Market Dip. Accessed on March 14, 2025
• Featured Image: Generated by AI