Bitcoin, Up Weekends, Down 9-5

Bespoke analyzed Bitcoin trading and found that BTC is up on weekends but down an average of -1.5% during stock market hours.

Potentially more worrisome is the increased correlation between Bitcoin & Tech stocks. For a decade, Bitcoin was mostly uncorrelated, but the recent spike to almost 0.7 is not good for Crypto:

The increased correlation between Bitcoin & Tech appears to be a byproduct of more institutional interest, and is not healthy. Crypto remains a volatile trading vehicle for those seeking active short-term trading opportunities, and crypto also has potential to insure against government money printing. BTC seems to be holding up well around $30,000 in these difficult markets. From a technical standpoint, a Bitcoin drop below $25,000 would indicate a likelihood of much lower levels.