Bitcoin dives on Wall Street open, DOGE price jumps on Elon Musk’s Twitter offer


Bitcoin (BTC) took a piece of its impulse move above $ 41,000 on April 14 when Wall Street opened with a sigh.

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BTC / USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Bitcoin is following stocks down

Data from Cointelegraph Markets Pro and TradingView followed by BTC / USD as it made rapid losses as trading began on April 14th.

The pair approached $ 41,600 the day before, but momentum ended overnight, and the largest cryptocurrency took minutes to shave nearly $ 1,000 from its price at the open bell.

At the time of writing, $ 40,000 was still playing as support, but bulls similarly failed to regain the last lost ground.

Traders have begun to prefer a recent downside again, the mood fueled by a disappointing start to U.S. equities and the implicit correlation of Bitcoin.

The S&P 500 (SPX) traded down 0.34% at the time of writing.

“The correlation coefficient for BTC versus SPX has reached very high regions of ~ 0.9 on a 7-week basis,” popular Twitter account CRYPTOBIRB notes.

“It shows that on average, Bitcoin has traded as the big-cap stocks and the inter-market connection are apparent. As the correlation fluctuates, investment may be ahead.”

Short-term price performance, thus, left few impressed as traders held their guard in case of a deeper reproach. For Anbessa, only the ongoing $ 41,300 hold would change the immediate outlook.

Dogecoin sees reliable bullfighting returns

Bitcoin’s turnaround has also eliminated the high coins, with only Dogecoin (DOGE) succeeding in countering the trend.

Related: BTC stock correlation ‘not what we want’ – 5 things to know about Bitcoin this week

This was due, in a classic style, to the knock-on impact of Tesla CEO and DOGE proponent Elon Musk.

The latest chapter in the story of the billionaire’s involvement with Twitter came in the form of Musk asking to buy the company or “reconsider” his 9.2% stake.

DOGE / USD jumped to the news, but a subsequent decline left daily gains at only 2%.

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DOGE / USD 1-hour candle chart (Binance). Source: TradingView

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