Analyst: Bitcoin's Long-Term Recovery Depends on Nasdaq 100's Upside Potential

March 4th: Presently, in the cryptocurrency market, all the gains have been wiped out subsequent to President Trump's announcement of the U.S. Cryptocurrency Strategic Reserve. It has plummeted by more than 14.7% within the past 24 hours and reached $2.64 trillion. The factors that have led to the recent drop in cryptocurrency prices might involve: the intensification of the U.S.-China trade war; investors seeking safe-haven assets as both U.S. stocks and crypto assets continuously show a correlation; the 50-week Simple Moving Average (SMA) facing strong resistance, which may potentially impede the recovery efforts. Analyst Stefan Luebeck holds the view that: "Considering the close correlation between BTC and U.S. tech stocks, Bitcoin's long-term recovery depends on the Nasdaq 100's capacity to rise. After Nvidia officially entered a bear market, Bitcoin and the cryptocurrency market have also been affected."