Bloomberg: Bitcoin has held a key support, and the follow-up may be driven by a recovery in the stock market

On March 6, according to the latest analysis report released by Bloomberg Intelligence, since the outbreak of the Russian-Ukrainian conflict, Bitcoin has outperformed Nasdaq.

The Nasdaq 100 fell about 13% on March 2, and if the market continues to fall, it could affect other risk assets, especially cryptocurrencies. Surprisingly, however, Bitcoin fell by only 5%.

Historically, the stock market has generally not outperformed cryptocurrencies, and Bloomberg Intelligence believes that Bitcoin may stabilize near $40,000, while the Nasdaq 100 may fall further.

Once the stock market recovers, Bitcoin will rebound more quickly. Bitcoin has now held a key support level, while the stock market continues to fall.