TechFlow news — Negentropic, co-founder of crypto analytics firm Glassnode, said the current macro environment has created a "perfect setup" for risk assets like Bitcoin to thrive. He believes the weakening momentum in the U.S. Dollar Index (DXY) is favorable for Bitcoin. Additionally, he noted that the Nasdaq-100 Index is approaching its all-time highs last seen at the end of 2021.
Negentropic stated: "Historically, when the Nasdaq reaches significant levels, Bitcoin typically follows within approximately 80 days. This process usually begins as Nasdaq pulls back, with capital rotating into higher-risk assets. Once this rotation starts, Nasdaq often resumes its upward move, further driving Bitcoin’s price higher."
He added: "We need Bitcoin to hold above $29,300 and attempt to break through the $29,700 level. On the upside, reclaiming $30,400 (a previous key level) could face resistance between $30,800 and $31,000."
He also referenced the trading volume around $23,000 earlier this year and expressed that he remains bullish on Bitcoin, as multiple factors support further upside, making a drop to $23,000 or lower unlikely.
