Analyzing Bitcoin’s Correlation to the Oil Price

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In Brief
  • The prices of Bitcoin and oil have been positively correlated since March.

  • The correlation has not been perfect.

  • Oil is facing short-term resistance at $30.

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The Bitcoin price reached a bottom on March 13, while oil did so on April 22. Since then, both assets have been moving upwards at a similar pace. While we have previously looked at the correlation between Bitcoin and the S&P 500, we have not done the same for oil. The oil chart was put forth by full-time futures trader @Adammancini4, who stated that the price has been creating a
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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

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