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Bitcoin (BTC) Data Reveals Less Sensitivity To Equities Volatility: A Sign Of Strength?

Bitcoin (BTC) Data Reveals Less Sensitivity To Equities Volatility: A Sign Of Strength?

Sebastian Villafuerte
by Sebastian Villafuerte
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin (BTC) is under significant pressure after experiencing a substantial 14% retrace from $65,103 to $55,602. This downturn is occurring amidst a climate of fear and uncertainty impacting both the cryptocurrency and US stock markets. 

Related Reading: Is Bitcoin Destined for a 2016-Style Breakout? Charts Suggest A Q4 Target of $100K

Recent data from Santiment highlights a notable shift: Bitcoin is becoming progressively less sensitive to fluctuations in equities. This suggests that while both markets grapple with volatility, their interactions may not be as intertwined. 

As we move forward, price action might be influenced more by its market dynamics rather than broader stock market trends. This shift could mean that, despite ongoing volatility, the fundamental correlation between US stocks and BTC might diminish, leading to a period where BTC’s movements are increasingly driven by internal factors rather than external market influences.

Bitcoin Correlation With Stocks Changes

Yesterday, the US stock market faced a challenging day, with the S&P 500 recording its third worst-performing day of 2024. According to a report from Santiment shared on X, the S&P 500 dropped by 2.16%, reflecting ongoing market struggles.

In contrast, BTC experienced a relatively mild decline of 1.82%. This contrasts sharply with BTC’s more severe drop during the August 4th market turmoil, when the S&P 500 plummeted by 3.00% and BTC fell by 7.16%.

BTC vs SPX comparison showing BTC is becoming less sensitive to equities.
The BTC vs SPX comparison shows that BTC is becoming less sensitive to equities. | Source: Santiment Data on X BTC vs SPX

Santiment’s recent chart reveals an intriguing shift in Bitcoin’s correlation with the stock market. Previously, BTC’s correlation with equities had fluctuated from negative to positive and is now approaching a neutral stance.

This evolving dynamic suggests that BTC is becoming less sensitive to movements in the stock market. Such a shift indicates a potential strength for BTC, as it demonstrates resilience against broader market pressures.

Related Reading: Is Bitcoin (BTC) Headed For A Deeper Correction? $56K Breakdown Could Spell Trouble

If this trend continues, it could signal a period where Bitcoin’s price movements are driven more by its market factors rather than by fluctuations in the stock market. This could lead to a potential recovery for Bitcoin, regardless of ongoing volatility in equities.

Investors might interpret this as a positive sign, suggesting that Bitcoin could decouple from traditional market influences and pave the way for more independent price actions in the future.

BTC Price Action Driven By Uncertainty

Bitcoin (BTC) is trading at $56,531 after setting a new weekly low of $55,602. As the price continues its downward push, bulls must prioritize a recovery above the 4-hour 200 moving average (MA), which is $59,684. 

BTC sets new local low and trades below the 4H 200 MA.
BTC sets a new local low and trades below the 4H 200 MA. | Source: BTCUSD chart on TradingView

This moving average has proven to be a significant short-term resistance level over the past month. Reclaiming the $60,000 psychological level would be crucial in reversing the current negative sentiment and attracting liquidity to shift the trend positively.

Related Reading: Bitcoin Hashrate Erases Recovery As BTC Price Continues Bearish Action

However, if BTC fails to close above $56,000, it risks a further decline. In such a scenario, the next support level to watch would be $54,568. Failing to hold above this level could lead to more bearish pressure and test even lower levels.

Monitoring these key levels will be essential for determining the next direction for Bitcoin. The market’s ability to reclaim and sustain levels above these technical indicators will be critical in shifting the current trend and restoring bullish momentum.

Featured image from Dall-E, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Sebastian Villafuerte

Sebastian Villafuerte

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies. As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community. To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology. Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance. Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

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