Bitcoin Hits Six-Week Low as Nasdaq Sell-Off Drags Crypto

The Bitcoin price outlook has darkened as Bitcoin slides to a six-week low, hit by midterm caution, the Binance hack and a Nasdaq sell-off. Fiona Cincotta, StoneX Senior Market Analyst, breaks down the forces behind Bitcoin's slide and the technical support zone the price is now testing. The U.S. midterm elections matter for Bitcoin because a Democratic sweep of Congress, or a gridlocked Congress, would likely mean limited progress on the regulatory developments that supported crypto under the Trump administration. Bitcoin is also tracking the Nasdaq closely, with an elevated correlation coefficient linking Bitcoin to the tech-heavy index as tech stocks sell off. The fallout from the record Binance hack continues to weigh on sentiment, while Bitcoin ETF outflows have ramped up and Friday's nonfarm payrolls report adds another test through Federal Reserve rate expectations. On the chart, Bitcoin has broken below its 50 EMA and is testing support at the 200 EMA and a key Fibonacci retracement, with RSI momentum fading below 50. 00:00 - Bitcoin Slides to Six-Week Low 00:29 - Midterm Risk for Crypto Rules 00:58 - Binance Hack and Nasdaq Drag 01:22 - ETF Exodus Meets Jobs Data 01:56 - Bitcoin Tests Key Support 02:52 - Where Buyers Draw the Line Discover Actionable Insights with the latest Market Outlook Reports: https://intel.stonex.com/offer?language=en&campaignId=A908C315-DC62-4F35-AC16-870BB71E84D1&utm_source=youtube&utm_medium=social&utm_campaign=sxtv_guest_fiona_cincotta&utm_content=share Like and subscribe for more financial market insights. #Bitcoin #StoneX #FionaCincotta #Nasdaq --------- Like this video? Subscribe and turn on notifications so you don't miss any videos from StoneX: https://www.youtube.com/@stonex_official Visit https://www.stonex.com/en/insights/thought-leadership/?utm_source=youtube&utm_medium=social for insights, perspectives and thought leadership from StoneX's global network of experts. Visit our website: https://www.stonex.com?utm_source=youtube&utm_medium=social