The correlation between Bitcoin and the S&P 500 has plummeted, potentially indicating a bottom for Bitcoin prices
ChainCatcher reports that the correlation between Bitcoin (BTC) and the SP 500 (SPX) has dropped to 0.05, indicating market differentiation. Over the past five years, they have been highly positively correlated during the pandemic period and from the end of 2021 to 2022. Both showed significant increases in early 2024.
Although SPX continues to hit new highs, BTC hovers around $60,000. Since 2019, BTC and SPX have shown negative correlation four times, each time indicating a local low point in Bitcoin prices.
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.
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