Bitcoin defies recent tech stocks sell-off. Are bulls eyeing a $70K rally?
Despite muted derivatives sentiment, Bitcoin’s decoupling and Strategy’s cash raise set the stage for a potential rally to $70,000.
Key takeaways:
Bitcoin (BTC) showed relative strength over the past week, despite failing to break above $65,500. More importantly, the cryptocurrency has decoupled from traditional markets as investors took profits in memory-chip makers amid fears of excessive valuations in the artificial intelligence sector. Still, judging by Bitcoin’s derivative metrics, top traders are not particularly confident about a rally toward $70,000.
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