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

BlockBeats News, March 4th: Today, the cryptocurrency market has erased all gains following President Trump's announcement of the U.S. Cryptocurrency Strategic Reserve, plunging over 14.7% in the past 24 hours to $2.64 trillion.

The factors contributing to the recent cryptocurrency price drop may include: escalation of the U.S.-China trade war; investors seeking safe-haven assets as U.S. stocks and crypto assets continue to exhibit correlation; the 50-week SMA facing strong resistance, potentially hampering recovery efforts.

Analyst Stefan Luebeck believes: "Given the close correlation between BTC and U.S. tech stocks, Bitcoin's long-term recovery hinges on the Nasdaq 100's ability to rise. Following Nvidia's official entry into a bear market, Bitcoin and the cryptocurrency market have also taken a hit."