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Bitcoin's correlation with the S&P 500 plummets, signaling a potential bottom
Golden Finance reported that the correlation between Bitcoin (BTC) and the S&P 500 (SPX) has dropped to 0.05, indicating market differentiation. Over the past five years, the two have been highly positively correlated during the epidemic and from the end of 2021 to 2022. At the beginning of 2024, both have significantly pumped. However, despite the continuous new highs of SPX, BTC has been hovering around $60,000, occasionally falling below this level. Since 2019, BTC and SPX have been negatively correlated four times, each time indicating a local low point in Bitcoin prices.