Yesterday’s daily close of Nasdaq (NDX), the largest index of technology companies (NDX), was very bullish. The index not only broke out above long-term resistance levels but also hit its highest value in more than a year.
The Nasdaq remains in a long-term positive correlation with the Bitcoin (BTC) price. However, this correlation has been weakening for several days and is currently negative on the daily time frame.
Despite these diverging directions, could this be a bullish signal for the cryptocurrency market?
What Is Nasdaq?
The Nasdaq-100 Index (NDX) is a metric of the health of modern industry and innovation. Along with the Dow Jones Industrial Average and the S&P 500, it is one of the three most widely tracked stock market indexes in the United States.
The Nasdaq-100 index consists of the 100 largest technology companies listed on the NASDAQ (National Association of Securities Dealers Automated Quotations).
The entire…
