The Nasdaq Composite has reached a new all-time high, a trend that could potentially trigger a recovery in Bitcoin. The tech-heavy stock index has seen a positive 5-day trading streak, with Microsoft and NVIDIA aiding the liftoff. This broader tech outlook might help Bitcoin reboot its growth rally.

The Nasdaq Composite closed the market at 17,688.88 after soaring as high as 3.54% in 5 days. While the heaviest components of the Nasdaq, including Microsoft and Nvidia, entered the day at 0.22% and 1.75%, Apple dropped 0.82%. Bitcoin is poised to ride on this trend, shunning the bad trading outlook of the past week.

Historically, Bitcoin has a correlation with the Nasdaq. While this correlation is questioning as it stands, the latest ATH might trigger a related rally for BTC. Per its latest outlook, its price is now down by 10.22% from its ATH of $73,750.07. Bitcoin has survived a lot of drawdowns in recent times, confirmed by its price being locked in between the $64,613.06 and $71,946.46 range.

The price of BTC is also below its 50, 100, and 200 Moving Averages, hinting more potential for upside. The uptick in the price of Bitcoin at the moment might imply a change in trend direction. While the CME Gap will be as widened as expected, intense catching up is arguably ahead. The trends in the spot Bitcoin ETF ecosystem might also help court the recovery, with other regions entering the ETF game.

Bitcoin miner selloff over the past week might also not be as problematic as it sounds earlier. Recovery is imminent for Bitcoin, and in no time, the impact of the halving might soon show up in the actual valuation of the coin.