Analyzing Bitcoin’s Correlation With the S&P 500

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In Brief
  • Bitcoin and the S&P 500 index have been positively correlated over the past month.

  • The correlation is more pronounced during upward moves from the S&P 500.

  • The S&P 500 price has found resistance at its 200-day moving average.

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The S&P 500 has been increasing since March 13, when it reached a low of $2,173. Since then, the price has increased by 28%. However, the increase has seemingly stalled over the past week, since the price has reached an important resistance level. Well-known trader @Pierre_crypt0 outlined an S&P 500 chart that shows the price struggling to move above its 200-day moving average

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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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