Bitcoin's correlation with the S & P 500 plummets, indicating a potential bottom
2024-07-03 21:17:04
The correlation between Bitcoin (BTC) and the S & P 500 (SPX) has dropped to 0.05, indicating a 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. In early 2024, both rose significantly. However, while SPX continues to set new highs, BTC hovers around $60,000 and occasionally falls below this level. Since 2019, BTC and SPX have been negatively correlated four times, each time indicating a local low in the price of Bitcoin.
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