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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
bitcoin nasdaq correlation

Why A Lack Of Bitcoin Following Stocks Is Nothing To Fear

Tony "The Bull" Severino, CMT
by Tony "The Bull" Severino, CMT
2 years ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The crypto Twitter sentiment echo chamber’s best bearish argument currently is the fact that Bitcoin isn’t immediately following the Nasdaq and the rest of the stock market ripping higher. 

However, when zooming out, the long-term correlation remains “very strong” and BTCUSD could just have a little catching up to do.

All of crypto Twitter right now: “#Bitcoin is showing such weak correlation with the Nasdaq”

Meanwhile, the correlation coefficient remains at a “very strong” 0.85 positive correlation on the monthly chart

There is just a little catching up to do pic.twitter.com/AbaJPhNx8U

— Tony “The Bull” (@tonythebullBTC) June 13, 2023

Stock Market Makes 52-Week High, Leaves Crypto Behind

This week, the S&P 500 made a new 52-week high, following the Nasdaq 100 and tech stocks. One asset that isn’t following along, is Bitcoin. And crypto bears want to make sure you know it. 

It quickly became a hot topic among crypto Twitter. But when removing red-colored glasses and any bias related to the ongoing SEC drama, the facts are simple: the correlation between BTCUSD and the NDX remains “very strong” according to the 1M correlation coefficient.  

Related Reading: Crypto Volatility Incoming: Breaking Down This Week’s Major Macro Events

The correlation coefficient measures the strength and direction of the relationship between to assets. Correlations could be weak or strong, positive or negative. Portfolio managers look for negatively correlated assets to diversify risk since these assets do not move together. In contrast, positively correlated assets do move together.

Bitcoin Nasdaq correlation

The correlation is very strong at 0.85 | BTCUSD on TradingView.com

Bitcoin And Nasdaq Correlation Remains “Very Strong,” Likely To Continue 

The chart above highlights the fact that the correlation between BTCUSD and the NDX gives a “very strong” reading of 0.85. A perfect positive correlation would be 1, making the top cryptocurrency and basket of tech stocks as tight as most asset relationships get. 

Furthermore, the chart demonstrates that each time the NDX outperforms Bitcoin and there is a lag in crypto, the market more than makes up for it with a massive catch-up move.

Related Reading: VIX Versus Bitcoin Chart Hints At Explosive Rally

Shortly after this, speculation becomes detached from reality and BTC puts in a local top.  Currently, crypto is lagging the stock market. Will it once again switch to relative outperformance? Or is crypto finally doomed this time?

Learn more about this chart in from CryptoBullGod on YouTube below.

Tony is the author of the CoinChartist (VIP) newsletter. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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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Tony "The Bull" Severino, CMT

Tony "The Bull" Severino, CMT

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Tony "The Bull" Severino, CMT, a technical analyst and Head of Research at Bitcoinist. As the founder of CoinChartist.io, an educational platform for crypto traders focused on technical analysis, Tony provides his expertise to help others understand and apply this methodology. He has partnered with industry leaders like Elliott Wave International and TradingView. Through his partnerships, educational resources, and leadership roles, Tony has established himself as an authority on leveraging technical analysis to trade cryptocurrencies.

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