Breaking Down Bitcoin: What Traders Should Watch As BTC Tracks With Nasdaq 100 (QQQ)

Bitcoin (CRYPTO: BTC) saw a massive fall on Friday to the tune of about 15%, but given its strong correlation with the NASDAQ 100 it’s not surprising to see that when the NASDAQ 100 has a strong directional day or trend, Bitcoin tends to follow suit. The weekly chart of Invesco QQQ Trust Series 1 (NASDAQ: QQQ) shows a strong rally off the June 15 bottom, and is now hitting major Fibonacci resistance at both the 50% and 61.8% retracement levels from the recent high and pullback.