Over the last three weeks, the correlation between bitcoin (BTC) and the S&P 500 has been declining. As of February 17, the correlation dropped to zero, meaning BTC completely decoupled from the leading stock market index.
According to data analyzed by market intelligence firm IntoTheBlock, the decorrelation between BTC and the S&P 500 could be a bullish signal because BTC soared past $100,000 after the last time the market saw such a low correlation. This was in early November, shortly after the United States presidential elections.
Bitcoin Decorrelates From S&P 500
Bitcoin trading independently of the stock market suggests that there is a shift in market dynamics affecting the cryptocurrency. At the time of writing, BTC hovered around $97,500, still within the $91,000-$102,000 range, which it had consolidated in the past few weeks.
On the other hand, the S&P 500 recorded a second consecutive all-time high on Wednesday, climbing 0.2% to 6,140.88. Other major stock inde
We współpracy z: https://cryptopotato.com/bitcoin-decouples-from-sp-500-good-or-bad-for-btc/
