The Nasdaq is soaring on a non-stop bid, pushing it 1.4% higher.

Just a short time ago it was flat but there might have been a tell that buyers were coming: Bitcoin.

BTC rose 3.3% and hit a session high of $24,000 about an hour before the Nasdaq rally began. There's a growing sense that the constituents of both trades overlap. We've seen time and time again this intraday correlation unfolding, with bitcoin buy frontrunning Nasdaq buying or selling.

As for the outlook for bitcoin, I wrote yesterday that the breakout bodes well for further gains with $25,390 as an initial target.

Bitcoin daily