empty
InstaForex - Official partner of Dragon Racing
InstaForex - Official partner of Dragon Racing
This section is designed for those who are just starting their trading journey. InstaForex educational and analytical materials will meet your training needs. Our experts' recommendations will make your first steps to trading success simple and clear.
Start as Beginner
How to start trading
Useful information
Training and recordings
InstaForex innovative services are an essential element of productive investment. We strive to provide our clients with advanced technical capabilities and make their trading routine comfortable as we are recognized as the best broker in this regard.
Become Investor
PAMM System
ForexCopy System
Passive investments
Partnership with InstaForex is beneficial and top-tier. Join our affiliate programs and enjoy bonuses, partner rewards, and the possibility to travel with the team of the world-renowned brand.
Become Partner
Main Page
Partner Area
Advantages for Affiliates
Registration
This section contains the most lucrative offers from InstaForex. Receive bonuses when topping up an account, compete with other traders, and get real prizes even when trading in a demo account.
All Promo Campaigns
Bonuses
Contests
Events
Holidays with InstaForex are not only pleasant but also useful. We offer a one-stop portal, numerous forums, and corporate blogs, where traders can exchange experiences and become successfully integrated into the Forex community.
Full details
Forums
We are in social networks
Forex humour
Forex Portal
InstaForex is an international brand created in 2007. The company provides services for online FX trading and is recognized as one of the world's leading brokers. We have won the trust of more than 7,000,000 retail traders, who have already appreciated our reliability and focus on innovations.
Learn More
History
Why Choose Us
InstaSport
Regulation
Company News
Awards
InstaForex Stars
InstaForex Offline
Headquarters
Key documents
Social Responsibility
09.02.2023 01:55 PM
Bitcoin drops below $23k following stock indices: what does Google have to do with it and should we expect a correction?
Open trading account Open demo account

Bitcoin continues to consolidate within the $22.8k–$23.4k area. The cryptocurrency still has bullish potential, but reacts extremely sharply to external events. A key role in this is played by stock indices, which maintain a high level of correlation with the asset.

Volatility spikes and sharp changes in the direction of price movement occur within the consolidation range of $22.8k–$23k. Given this, there is no need to talk about a radical change in the dynamics of Bitcoin, but sellers manage to make the most of the volatility spikes.

Situation with Google and stock markets

In the current trading week, Bitcoin was very close to the start of a corrective movement with a potential of $21.6k–$22.4k. However, according to the results of Tuesday, February 7, buyers finally managed neutralize the advantage of the bears.

However, the next two days led to another increase in bearish volumes. Bitcoin ended the previous trading day near $22.6k. As of writing, the cryptocurrency has finally broken through the $22.8k support level.

This image is no longer relevant

Among the key catalysts for the cryptocurrency's downward spurt are the stock market and the situation with Google shares. Users have reportedly found a factual bug in Google's artificial intelligence technology.

This provoked a sharp drop in the shares of the world giant and had a negative impact on the quotes of other indices. The S&P 500 tested the $4,000 level and struggled to stay above it. Other stock assets also dipped following the results of yesterday's trading day.

This image is no longer relevant

The wave of volatility hit the crypto market due to the high level of correlation between BTC, SPX and NDX. The only difference is that the consequences for Bitcoin may be more unpleasant than for stock indices.

However, do not assume that the local stock market crash will not escalate into a large-scale correction. Analysts at Goldman Sachs report that companies in the S&P 500 continue to approve buybacks for 2023 at a record pace, which are a key part of the bullish trend in assets.

BTC/USD Analysis

Despite all the movements in the global economy and the stock market, Bitcoin continues to be in demand. Santiment reports that BTC outflows from exchanges continue, and cryptocurrency reserves on platforms have reached their lowest level since November 2018.

This image is no longer relevant

At the same time, Santiment reports that the expectations of a rally in January for the crowd are gradually replaced by skepticism in February. This can be a signal for growth when building up short positions, but also a catalyst for a corrective movement when forming a sequence of red candles and breaking through important support levels.

This image is no longer relevant

As of writing, Bitcoin is trading below the $22.8k level, which is an important springboard for a bullish move. If the asset fails to recover above $22.8k at the end of the current trading day, we can expect a further fall to the $22.4k level.

This image is no longer relevant

Technical metrics continue to decline: RSI and stochastic are gradually moving to the lower part of the bullish zone. On the daily chart of the cryptocurrency, the lower wick continues to form and grow, indicating that buyers are becoming more active.

This reduces the probability of a $22.4k retest, but we are not yet seeing a massive pullback. If BTC price fails to consolidate above $22.8k, it will continue to decline to the $22.4k level; and lower to $22k.

Results

To maintain the structure of the bullish trend, Bitcoin needs to recover above $22.8k. As of writing, there are not enough buying volumes, but there is every reason to believe that with the opening of the U.S. markets, investors will begin to buy back yesterday's fall and BTC will be able to recover.

Artem Petrenko,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
All Analytics
Fundamental analysis
GBP/USD Overview. April 15: Trump Giveth, Trump Taketh Away The GBP/USD currency pair continued its upward movement on Monday. As with the euro, there was no specific reason for the pair to decline. Of course, the current rally looks
Paolo Greco
03:57 2025-04-15 +02:00
1120
Fundamental analysis
EUR/USD Overview. April 15: Who Found a Reason for Optimism? The EUR/USD currency pair continued its upward movement on Monday. Despite the slower growth this time, the pair continues to rise. Yesterday saw a 50-pip increase; today, it's 250. What
Paolo Greco
03:57 2025-04-15 +02:00
1225
Breaking Forecast Trading Plan Cryptocurrencies USD/RUB Russian Economy Video Analysis
Trading Instruments
EURUSD GBPUSD USDCHF USDCAD USDJPY AUDUSD EURGBP EURJPY NZDUSD EURNZD Silver Gold #CL #USDX COVID-19 Bitcoin
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Trading Recommendations for the Cryptocurrency Market on April 14

Over the past weekend, Bitcoin and Ethereum demonstrated decent resilience, maintaining a chance for further recovery. While from a technical standpoint, those chances may appear rather slim, trading within
Miroslaw Bawulski 09:12 2025-04-14 UTC+2

Bitcoin – Technical Analysis Overview

Last trading week, the market indicated a potential opportunity for bulls to regain control. Whether this potential is realized now depends on whether the bulls can exit the previous consolidation
Evangelos Poulakis 06:37 2025-04-14 UTC+2

Trump makes another step towards crypto market

Bitcoin and Ethereum plunged late yesterday but then managed to recover their positions. For now, the bears still have more strength than the buyers, but this may only be temporary
Jakub Novak 16:38 2025-04-11 UTC+2

Trading Recommendations for the Cryptocurrency Market on April 11

Bitcoin and Ethereum dropped in value toward the end of Thursday's U.S. session but recovered during today's Asian trading hours. It has become common practice that the crypto market declined
Miroslaw Bawulski 09:28 2025-04-11 UTC+2

Technical Analysis of Intraday Price Movement of Polkadot Cryptocurrency, Friday April 11, 2025

With the appearance of divergence between the price movement of the Polkadot cryptocurrency and the Stochastic Oscillator indicator on its 4-hour chart, as long as there is no weakening correction
Arief Makmur 08:52 2025-04-11 UTC+2

Technical Analysis of Intraday Price Movement of Uniswap Cryptocurrency, Friday April 11, 2025.

From what is seen on the 4-hour chart of the Uniswap cryptocurrency, there appears to be a divergence between the Uniswap price movement and the Stochastic Oscillator indicator, so based
Arief Makmur 08:52 2025-04-11 UTC+2

Trading Recommendations for the Cryptocurrency Market on April 10

Bitcoin and Ethereum both surged, gaining between 6% and 10% on news that Trump had suddenly changed his mind. A strong wave of FOMO is evident in BTC following news
Miroslaw Bawulski 08:05 2025-04-10 UTC+2

Bitcoin under selling pressure. Why even spike could hardly save bulls

Bitcoin is taking a nosedive, funds are reporting losses, and analysts see no reasons for growth. What is happening with the leader of the crypto market? What
Ekaterina Kiseleva 12:07 2025-04-09 UTC+2

Trading Recommendations for the Cryptocurrency Market on April 9

Bitcoin and Ethereum collapsed by the end of Tuesday, continuing the heavy sell-off during today's Asian session. Another sharp decline in the U.S. stock market dragged other risk assets down
Miroslaw Bawulski 09:22 2025-04-09 UTC+2

Another Cryptocurrency Market Crash

Another collapse in the stock markets has also hit the cryptocurrency market. Investors, fearing further declines, began to massively offload digital assets, which triggered a sharp drop in the prices
Jakub Novak 09:22 2025-04-09 UTC+2

Top analytics

Relevance up to 20:00 2025-04-15 UTC--4
Trading Recommendations and Analysis for GBP/USD on April 15: The Pound Sees No Reason to Stand Still
03:57 2025-04-15
Trading plan
Relevance up to 20:00 2025-04-15 UTC--4
EUR/USD Overview. April 15: Who Found a Reason for Optimism?
03:57 2025-04-15
Fundamental analysis
Relevance up to 20:00 2025-04-15 UTC--4
Trading Recommendations and Analysis for EUR/USD on April 15: No Boring Monday
03:57 2025-04-15
Trading plan
Relevance up to 13:00 UTC--4
ECB Meeting: What to Expect?
00:35 2025-04-15
Fundamental analysis
Relevance up to 11:00 2025-04-19 UTC--4
The Pound Forms a Top
00:35 2025-04-15
Fundamental analysis
Can't speak right now?
Ask your question in the chat.
Widget callback
Callback widget
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.