In this episode of NewsBTC’s daily technical analysis videos, we compare Bitcoin price with the S&P 500, WTI Crude Oil, Gold, and the almighty dollar through the DXY.
Take a look at the video below:
VIDEO: Bitcoin Price Analysis (BTCUSD): October 4, 2022
Bitcoin price is back over $20,000 and you can finally feel the sentiment starting to change. The change is happening all across the rest of finance, and not just crypto, which is the focal point of this video.
Stock Market Correlation With Crypto Continues
To start, comparing the S&P 500 against Bitcoin, shows that Bitcoin tends to top out prior to the stock market. Importantly, BTC and the SPX have been more tightly correlated than in the past.
This is notable because along with Bitcoin, US stock indices have turned sharply up. Both asset classes are down considerably from all-time highs, so this is nothing yet to celebrate.
Bitcoin tops well ahead of the SPX BTCUSD Analysis September 29, 2022
Will The Digital Gold Narrative Return?
Comparing gold against the top cryptocurrency by market cap, we can see that the bullish impulse that began in 2019 in gold kept running far beyond what Bitcoin was capable of. Despite this, this was the birth of the digital gold narrative, as trade tensions between the US and China increased under the Trump administration.
With currencies beginning to fall apart across the globe, gold is also suddenly rebounding alongside stocks, oil, Bitcoin, and other assets.
Has Bitcoin bottomed at the cost of production?
