The report shows that the correlation between bitcoin and US stocks is weakened

Fundamental analysis:

Bitcoin remained volatile around 31604. According to the report of Kaiko, a data provider in the encryption market, the correlation between bitcoin and the US stock market weakened last week, extending its continuous decline to a record eight weeks. Although the 30 day rolling correlation of bitcoin, S & P 500 index and Nasdaq 100 index remained at a high level of about 0.7, it has fallen to the lowest level in more than a month.

Bitcoin btcusdt - 4-hour K-line diagram display:

Technical comments: after maintaining the narrow range weak consolidation and translation in the aibulin belt index channel for a long time, the low-level bull power began to wait for the opportunity to enter the market and rose strongly, and continued to climb near the upper rail. The Bulin belt index showed a closing trend and began to slowly open its mouth after translation. After the MACD index hovered at the weak side under the 0 axis, it began to slowly break through the repression and enter the bull area to rise slowly; RSI index long power broke through the 50 equilibrium line and entered the long area for continuous shock and rise;

Long short turning point: 31059

Pressing position: 32632, 33624

Support position: 30033, 28973

Trading strategy: bullish above 31059, target 32632, 33624

Alternative strategy: bearish below 31059, targets 30033 and 28973

The above analysis is a personal point of view and is for reference only.