Bitcoin reclaimed levels above $40,000 on Friday, a day that saw some major tech stocks rebound from previous day losses, as investors bet on the positive correlation.
An intraday gain of more than 10% for Amazon stock following robust cloud sales was seen as a positive catalyst for markets as investors shrugged off previous day uncertainty after disappointing subscriber additions by Facebook.
Following a renewed positive sentiment in tech stocks, a host of Wolf of All Streets podcast Scott Melker told his Twitter followers that he bought Facebook on February 4 despite the stock extending declines from the previous day.
Melker questioned the irrationality of the market, doubting Amazon’s stock pumping after missed earnings and raised Prime prices which he say were meant to cut costs.
As tech-crypto correlation played out, retail traders held a positive outlook of Bitcoin, with one popular trader Pentoshi calling the area between $31,000 and $36,500 a significant buying opportunity. Pentoshi revealed he had bought 100 BTC at $37,200, adding 400 more on Thursday.
Other Bitcoin enthusiasts are pointing that Bitcoin’s downtrend is “almost done,” with some urging patience for the emergence of bull signals.
BTCUSD is up 8.00%.
