BTC Price Stabilizes as Stock Indices and ETFs Retreat

BTC has shown some dips in the past week. However, things look decent as the coin's price is holding steady at $95,000 despite stock indices

Bitcoin (BTC) price movements have been largely muted this week, even as major stock indices and exchange-traded funds (ETFs) experienced significant declines.

On Saturday, BTC price was trading just above $96,550, a day after US equities had one of their worst sessions in recent memory.

Nasdaq 100, S&P 500 & SCHD Retreat

According to data from Nasdaq, the blue-chip S&P 500 fell by a substantial 1.71%. At the same time, the Nasdaq 100 experienced a decline of 2%, shedding 455 points.

Furthermore, the small-cap-weighted Dow Jones and Russel 2000 both faced significant losses, dropping by 1.70% and 3%, respectively.

Adding to the bearish sentiment, the Schwab US Dividend Equity ETF, which tracks some of the largest value in stocks, experienced a notable decline of 5%.

Several technology stocks experienced substantial losses, with Meta, Microsoft, Apple, and Nvidia among the worst performers.

As reported by CNN, the stocks’ fear and greed index hovered around 35, indicating a palpable sense of fear among investors, leading them to prioritize minimizing losses through liquidations.

Despite the widespread panic in the industry, experts attribute this downturn to the natural occurrence of a trade war, which is evident in the 3.3% increase in the Consumer Price Index for January, moving further away from the target of 2%.

BTC Price Stabilizing

In contrasting news, BTC and other cryptocurrencies remained largely unaffected by the turmoil in the stock market.

On the other hand, there are some indications of a BTC price rebound, with weekly charts suggesting bullish sentiments in the token.

At press time, BTC price is trading at 96,626.05 with a minimal uptrend of 0.40%. While the uptrend percentage may not be substantial, it marks an improvement compared to earlier observations.

The price has shown some traction over the last 24 hours, indicating a potential recovery for the coin.

If the token manages to break the $98K level, sources speculate that it could pave the way towards reaching $100K.

This development may trigger strong bullish sentiments, potentially aiding BTC in reclaiming its all-time high price within the next month(s).