The correlation between Bitcoin and the S&P 500 has plummeted, which may indicate a potential bottom for Bitcoin prices

2024-07-04 08:24:36

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ChainCatcher message, the correlation between Bitcoin (BTC) and the S&P 500 (SPX) has dropped to 0.05, indicating market divergence. Over the past five years, the two were highly positively correlated during the pandemic and from the end of 2021 to 2022. At the beginning of 2024, both saw significant increases.

While the SPX continues to reach new highs, BTC hovers around $60,000. Since 2019, BTC and SPX have shown negative correlation four times, each indicating a local low point in Bitcoin's price.

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Bitcoin S&P 500 correlation

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