Bitcoin and S&P 500 Correlation Plummets, May Indicate Potential Bottom
The correlation between Bitcoin (BTC) and the SP 500 (SPX) has fallen to 0.05, indicating market divergence. Over the past five years, the two have been highly positively correlated during the epidemic and between the end of 2021 and 2022. both rose significantly in early 2024. However, while the SPX continues to hit new highs, BTC hovers around $60,000, occasionally dropping below that level. Since 2019, BTC and SPX have been negatively correlated four times, each time indicative of a localized low in Bitcoin's price.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Data: 105.89 BTC transferred from an anonymous address and, after intermediaries, flowed into Cumberland DRW
Fear Index VIX rises to 27.15, reaching a more than one-month high
U.S. stocks opened higher but closed lower as rate cut uncertainties and risk-off sentiment weighed on the market
Trending news
MoreCrypto prices
More
