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Breaking News: BREAKING: Historic $109,500 Bitcoin High: Here’s What Analysts Predict Next
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Breaking News: BREAKING: Historic $109,500 Bitcoin High: Here’s What Analysts Predict Next
bitcoin S&P 500 spx btc

Why Tightening Correlation With S&P 500 Could Be Bullish For Bitcoin 

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

The correlation between the S&P 500 and Bitcoin is only increasing, inching closer to reaching levels where in the past the cryptocurrency strengthened. 

Meanwhile, the S&P 500 just closed its January monthly session outside of a key trend line the entire world of finance has been watching. Here is why a possible breakout in the stock market could propel BTC higher along with it in a perfect storm scenario. 

The Stock Market Closes Monthly Candle Above Key Trend Line

The S&P 500 index is often considered the best measure of the overall health of the US stock market, and indirectly, the economy. It’s used as a benchmark to compare the alpha and beta of other assets and individual stocks. 

Related Reading: January Effect: Why Crypto Altcoins Started 2023 With A Bang

Positive performance in the SPX is associated with periods of prosperity and profitability. If the stock market is doing well, it is a signal for investors to switch to risk-on strategies. 

S&P 500 SPX

The S&P 500 could be breaking out of a year-long pattern | SPX on TradingView.com

The S&P 500 is potentially breaking out of the upper boundary of a long-term trading pattern: a descending broadening wedge. Price is holding above the pattern on the daily timeframe through the January monthly that just came to a close. 

And while further upside would bode well for cryptocurrencies by default, increasing correlation between BTCUSD and the SPX is what makes a possible breakout in the stock market that much more bullish for Bitcoin. 

Bitcoin Correlation With S&P 500 Index Increases

The chart above shows the breakout in action in the daily and monthly timeframe in the S&P 500. Bitcoin price is moments away from closing its January monthly candle with more than 40% ROI. Other cryptocurrencies have significantly outperformed during the month.

Related Reading: Why The S&P 500 Could Help Send Bitcoin Soaring Higher

Both BTCUSD and SPX rising in tandem this month has restored the increasing direction of the correlation between the two vastly different investment vehicles. 

BTCUSD Bitcoin SPX correlation

The correlation with the stock market is only increasing | BTCUSD on TradingView.com

With a correlation coefficient of 0.88, the SPX and BTCUSD are at some of the strongest positive correlations historically. Past bear markets in crypto have switched Bitcoin into negative correlation territory. This time, however, has been different. 

An increasing correlation has in the past been associated with some of Bitcoin’s most explosive bullish moves to the upside – especially after reaching a correlation of 0.93. With the correlation potentially increasing and a possible breakout in the SPX, could there be a perfect storm brewing for the top cryptocurrency by market cap? 

Follow @TonyTheBullBTC on Twitter or join the TonyTradesBTC Telegram for exclusive 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

Tony "The Bull" Severino

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Tony "The Bull" Severino, 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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