Bitcoin S&P 500 Correlation Hits Lowest Level Since 2015
The correlation between Bitcoin and the S&P 500 has dropped to its lowest level since 2015, according to charts recreated by Andre Dragosch from WillyWoo. This echoes a similar setup before the mid-2015 to late-2017 advance that delivered roughly 9,800% gains.
The current Bitcoin price is testing upper resistance at $80,625.95 on the 4-hour chart, with technical confluence placing it within the Bollinger Bands. The neutral RSI is at 49.13 and the bearish MACD death cross is at 119.77, but the EMA structure remains bullish.
This development reduces the odds of an immediate crypto market crash and shapes fresh BTC price prediction scenarios. It's worth noting that a probable retracement toward the 50-EMA support at $79,066.34 may occur before any continuation higher.