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An interesting observation on BTC and NVDA

Looking at the chart of NVIDIA overlayed onto that of Bitcoin, it delivers a very similar path, albeit one where BTC is lagging the price action seen on NVIDIA (NVDA). So, yesterday BTC did break above a noted trend line resistance level around 71,500, identified here earlier in the day. However, and despite reaching a session high at 71,756, the move was not sustained and BTC fell back to around 70,875. That said, and referring back to that correlation with NVDA it would seem possible that if the rise in that stock continues, it will drag BTC higher in due course, provided that positive correlation remains intact. So, fresh records for NVDA going forward might produce more of the same for BTC over time. However, right now BTC has not broken any fresh ground during the Asian session and the range since the wider US market close has been covered by 70,772 to 71,282. Bitcoin is currently trading at 71,070
 

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