This chart illustrates Bitcoins performance vs. the US30 stock index.
In many ways it resembles the BTCUSD chart, which supports the idea that there is a correlation between US equities and Bitcoin price.
A key difference obviously is that if BTC were to go flat while stock prices climbed, the "price" on this chart would drop as BTCUSD was being outperformed by the US30. On the other hand, if stock prices dropped while BTCUSD was flat, this chart would show a rally.
Compared to the US30, BTC is showing a great deal of strength this Q, having broken out of it's downtrend, confirming bullish market structure and just this week, printing another higher high to confirm trend continuation (assuming this week closes bullish).
This chart will be one to watch as the decoupling narrative swirls in the coming months and years. It seems inevitable at this point, that Bitcoin is here to stay, and this chart will tell us all we need to know about how it's performing vs. US equities and to an extent, global markets as a whole.
In many ways it resembles the BTCUSD chart, which supports the idea that there is a correlation between US equities and Bitcoin price.
A key difference obviously is that if BTC were to go flat while stock prices climbed, the "price" on this chart would drop as BTCUSD was being outperformed by the US30. On the other hand, if stock prices dropped while BTCUSD was flat, this chart would show a rally.
Compared to the US30, BTC is showing a great deal of strength this Q, having broken out of it's downtrend, confirming bullish market structure and just this week, printing another higher high to confirm trend continuation (assuming this week closes bullish).
This chart will be one to watch as the decoupling narrative swirls in the coming months and years. It seems inevitable at this point, that Bitcoin is here to stay, and this chart will tell us all we need to know about how it's performing vs. US equities and to an extent, global markets as a whole.