Bitcoin Has Been Waiting for This Bull Signal for a Long Time: Historical Correlation is Breaking Down! - Coin Bulletin

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According to Santiment analysts, the weakening correlation between Bitcoin and stock markets could be a bullish signal for the cryptocurrency markets.

According to data reported by Santiment analysts, the 'Trump Pump' effect observed in the crypto markets in the past two weeks has subsided, and Bitcoin continues its sideways movement in close correlation with the S&P 500.

It is stated that there is a strong connection between Bitcoin and the US stock markets throughout the year 2023, and Bitcoin is often referred to as a "high leverage technology stock" in the crypto community.

Santiment experts emphasized that the weakening of this correlation between Bitcoin and stock markets in the medium and long term could be a critical signal. Based on historical data, it was stated that cryptocurrency markets tend to perform stronger when their relationship with global stock markets decreases.

Santiment's assessment reminds cryptocurrency investors that the beginning of Bitcoin showing an independent movement from stocks could be a bullish signal. Therefore, market players are advised to carefully monitor how this correlation will shape in the coming period.

BTC0.13%
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