Bitcoin–S&P 500 Correlation wey reach 80% Show Stock Link
Key data dey show say Bitcoin and S&P 500 pair get high correlation of 80%, meaning say BTC price dey follow US stock market closely. For this high correlation time, if S&P 500 continue dey gain, e fit push Bitcoin price up. But if stock market fall, e fit make Bitcoin price shake wella. Analyst Axel Adler talk say big-picture things like interest rate wahala, money for market, and whether people dey feel risky or safe dey affect Bitcoin price directly. This figure based on 1-week rolling correlation, wey fit gbagaun and no dey last long. For technical side, Bitcoin don hold the $115,724 support level back and dey trade around $116,565, above its 50-, 100- and 200-day moving averages, dem dey gather near $116,000 as strong support. The next targets for price to go up na between $118,000 and $122,077, but sellers dey try hold price near $117,000. Traders suppose dey watch stock market and crypto charts together well, because if US market appetite for risk change sharp sharp, e fit quickly affect Bitcoin. Even though strong correlation show Bitcoin sensitive short term, the way crypto dey catch on for US mean say Bitcoin get chance to rise long term.
Neutral
Di spike wey dey happen for Bitcoin S&P 500 correlation reach 80% mean say di near-term performance of BTC don dey connect well well with di movements for US equity instead of standalone crypto fundamentals. As di S&P 500 dey do well for di bull phase, e fit help small but if equity fall, e fit make Bitcoin waka waka with plenty volatility. High correlation metrics for history quick quick dey change, e mean say to put directional bet no too safe if stock market no give clear sign. For short term, traders suppose dey watch equity indices and BTC technical levels well well; long-term fundamentals still dey bullish because more institutions dey adopt am but e fit shake if macro changes like Fed policy change.