Bitcoin, the world's largest cryptocurrency is currently trading under huge selling pressure. However, the recent decline in BTC prices is suggested to be due to the increased correlation between the digital asset market and the traditional market.
The price of Bitcoin has fallen around 4% over the past 30 days due to mixed sentiment among investors and traders. Even with this latest decline, BTC has managed to significantly outperform traditional market assets.
In September, the price of Bitcoin has risen by 0.8% in September against the US dollar. BTC price has also outperformed Gold. However, its performance still lags behind the US Dollar Index which has outperformed Bitcoin over the same period.
Based on the report, traditional finance (TradFi) depth of trading volume has recorded a poor score. These key signals indicate that the crypto market could see a short-term pause. The data illustrates a direct relationship between the price action of Bitcoin and the US Stock Market.
The relationship between Bitcoin price and US stock market trading volume is almost bearish. At the same time, the volume technical indicator Depth reached a new low around September 25, 2022. This recorded data corresponds to the low values of February and March 2020. Experts suggest that this is an indicator that could lead to a surge.
Currently, Bitcoin is trading at an average price of $19,207.62. The price of Bitcoin has recorded a small decline over the past 24 hours. However, its 24-hour trading has jumped by 40% to $24.7 billion
