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TechFlow reported, according to Cryptoslate, the correlation between Bitcoin (BTC) and the S&P 500 index (SPX) on the 20-day moving average has dropped to 0.05. While SPX hit a new high, breaking above 5,514 points, BTC remained around $60,000. Since 2019, BTC and SPX have shown negative correlation four times, which often signals local price bottoms for Bitcoin.
The correlation between Bitcoin (BTC) and the S&P 500 Index (SPX) on the 20-day moving average has dropped to 0.05. Despite the SPX reaching a new high, breaking through 5,514 points, BTC is hovering around $60,000. Since 2019, BTC and SPX have shown negative correlation four times, which has often signaled local price bottoms for Bitcoin.
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