BTCUSD Correlation Increasing

Bitcoin remains under more downside pressure on Friday due to a sell-off in the US equity markets, following a lack of concern towards the moves in the bond market from FED Chair Powell. Bulls need to keep the price above the $47,800 level to increase the chances of a bounce-back towards the $51,000 area. It should be noted that the BTCUSD pair is currently experiencing an increased price correlation with the S&P 500 and the Nasdaq index are in the US.

The BTCUSD pair is only bullish while trading above the $47,800 level, key resistance is found at the $51,000 and the $52,000 levels.

If the BTCUSD pair trades below the $47,800 level, sellers may test the $46,500 and $44,000 levels.

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