Bitcoin Now Moves Like Big Tech as Correlation With Nasdaq Hits 2022 High

A sharp risk-off sentiment is pressuring the crypto market, but the dominant trend grabbing analyst attention is Bitcoin’s behavioral shift. Fresh data shows Bitcoin’s 30-day correlation with the Nasdaq 100 has surged to nearly 0.80, one of the highest readings since the 2022 bear market, meaning BTC and big U.S. tech stocks are currently moving in almost the same direction.

For years, Bitcoin has been marketed as “digital gold”, but the recent data hints something different. Instead of behaving like a safe-haven asset or inflation hedge, Bitcoin appears to be trading like a high-risk, growth-based tech asset.

Bitcoin has now formed a death cross, meaning the 50-day moving average has dropped below the 200-day moving average. In previous cases, Bitcoin bounced 30% to 45% after similar crosses. This does not guarantee a rally, but it shows the market may be in an oversold zone rather than starting a deeper long-term crash.

In the short term, Bitcoin has not confirmed a final bottom. Price could still dip toward $91,400 before a strong recovery attempt. Upside confirmation comes only if the price breaks above the resistance zone between $95,800 and $99,200, and a stronger bullish shift may start above $99,000.