• Nasdaq 100 rises as traders flock to US tech sector
• Bitcoin Rally Ought to Proceed on Bullish Tech Sector Background
• Divergence with Nasdaq 100 Index Exhibits Additional Rise Potential for Bitcoin

Traders within the tech sector are flocking to tech firms in a frenzy not seen in years. After a correction for many of 2022, the Nasdaq 100, the inventory market index that represents the U.S. tech sector, is rising.

It’s up greater than 30% year-to-date and appears bullish.

A number of components contributed to the bullish transfer, together with the AI ​​revolution and cost-cutting measures introduced by firms akin to Meta and Amazon. Nervous about lacking out on alternatives, traders turned to tech shares once more, and finally Nvidia’s inventory reached a degree that put the corporate within the $1 trillion market cap choose membership.

For crypto merchants, that is nice information. Bitcoin, specifically, seems to be set to rise much more after gaining greater than 65% year-to-date.

Bitcoin charts by TradingView

bitcoin worth slows down

Bitcoin has lengthy traded in a robust constructive correlation with the Nasdaq 100 Index. For instance, whereas the Tech Sector Index entered bear market territory final yr, Bitcoin adopted go well with.

Furthermore, after the Nasdaq 100 index bottomed out in late October 2022, Bitcoin adopted go well with.

Furthermore, the worth dynamics this yr have been just like some extent. So the 2 got here collectively earlier this yr. A correction adopted in each the Nasdaq 100 Index and Bitcoin.

However then the 2 diverged because the tech sector index continued to rise whereas the Bitcoin worth corrected. However given the constructive correlation between the 2, some would possibly say it is solely a matter of time earlier than Bitcoin hits new highs this yr if the tech sector continues to rally. .