Bitcoin (BTC-USD) rose above $90,000 on Wednesday, but some strategists warned the price action isn't necessarily a sign of meaningful V-shaped recovery despite a risk-on mood in the stock market.
While the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) aimed at a fourth straight day of gains amid increasing investor bets on a Federal Reserve rate cut in December, the world’s largest cryptocurrency appeared to steadily increasing after hitting an $81,000 last Friday, its lowest level since April.
“Bitcoin and the Nasdaq Composite are normally highly correlated, but that correlation has broken