Why can’t Bitcoin reach a new record just as AI pushes tech stocks to new heights?

As the American stock markets reopened after the long ‘Memorial Day’ weekend, the technology stocks focused Nasdaq reached a new record. This was mainly due to good news for AI-related stocks such as Nvidia, a company that has already seen its shares rise by more than 130% this year.

Meme stock Gamestop also made the news again with a gain of 25%.

#Bitcoin continues to hold above the key support, in preparation for the next leg higher.

I doubt bears can hold this back for much longer.

Send it. pic.twitter.com/n14c4o2tey

— Jelle (@CryptoJelleNL) May 29, 2024

Meanwhile, after a stellar first quarter, Bitcoin is struggling to break through any price above $70,000. Why is it that crypto doesn’t continue to rise along with tech? Apparently many automatic sales orders need to be liquidated at that level first.

I already predicted it on May 25: either we’ll see a double top drop or a run-up to a new record, with $80k as an initial target.

Trading range

The stock markets are also aiming higher now that we are receiving more and more signals that we can expect a first interest rate cut soon.

Lower timeframe TA for #Bitcoin: still consolidating between few important levels: $67K and $70K.

I’d prefer to see $67K hold, if that’s not the case, then we are back to $60-62K for a potential test and accumulation within this range. pic.twitter.com/XiMLGHOi3f

— Michaël van de Poppe (@CryptoMichNL) May 29, 2024

However five days on and we are still looking at a Bitcoin price struggling to overcome the $70k price point. Every time we reach that price, a sell-off follows that pushes Bitcoin back towards $65k. The trading band is narrowing, but a real breakthrough is missing.

The well-known Dutch analyst Michaël van de Poppe expects that to happen in the coming days and weeks. But first we’ll need to get through those many persistent automatic sell orders at $70k. So just be patient