BTC's decoupling from Nasdaq continues, seen as potential bottom signal

The persisting negative correlation between Bitcoin and the Nasdaq 100 is fueling speculation that the cryptocurrency may be forming a market bottom. According to CoinDesk, the 20-day correlation coefficient between the two assets has reached -0.43. Historically, similar levels in 2021, September 2023, and August 2024 preceded instances where BTC bottomed out and subsequently rebounded. Currently, the performance divergence is significant, with BTC down 27% from its all-time high while the Nasdaq has fallen only 2%. However, some analysts caution that uncertainty remains, making it premature to definitively call the current downturn a bottoming signal.