Interesting correlation between Bitcoin and the MSCI Emerging Markets (EM) Index over the past 1 1/2 years. It's not identical but you can see how they are correlated to a degree.
Think like a hedge fund, many are invested in EM and when they are risk-on MSCI Index rises, conversely when they are risk-off the MSCI Index falls. And since Dec 2017 - Jan 2018 they have been risk-off in EM's.
Another factor with the EM's is how many people invest and use Bitcoin and other Crypto's for various reasons. Many people in EM's are either under-banked or have no options for banking. Crypto's take care of this problem. People within the EM's territories could have backed off a bit in using Crypto's when the hedge funds switched to risk-off thinking. The longer Bitcoin and Crypto's consolidate after the selloff the more they will attract those people back into using Crypto's and when hedge funds move back into a risk-on thinking it will help attract even more people from EM's.
Just something to think about and to look for a rally in the MSCI Emerging Markets Index which could very well lead to a rally in Bitcoin/Crypto's.