Messari Crypto researcher Mira Christianto recently echoed these sentiments that the relation between BTC and other crypto-assets like Ethereum and Litecoin was above 60%.

For instance, the recent market crash made Bitcoin shed more than half its price from highs of $64.8k to lows of $30k. On the other hand, Ethereum lost half of its market capitalization after hitting an all-time high (ATH) of $500 billion, whereas its price slumped to lows of $2,000 from the highs of $4,350.

Furthermore, the search volume on Google for BTC and ETH reached the highest point this year.

Bitcoin struggles to soar above the 200-Day MA

BTC’s dropping price recently experienced made its price go below the 200-day moving average (MA) indicator, and this was a trend not seen since March 2020.

The 200-day MA is a line that shows the average closing price for the last 200 days or roughly 40 weeks of trading.

Bitcoin, therefore, continues hovering below this indicator as alluded by market analyst Lark Davis.

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