Bitcoin (BTC) fell below $75,000 on April 6, pressured by traditional markets as S&P 500 futures hit their lowest levels since January 2024. The initial panic also caused WTI oil futures to drop below $60 for the first time in four years. However, markets later recovered some losses, allowing Bitcoin to reclaim the $78,000 level.
Bitcoin’s high correlation with traditional markets tends to be short-lived
While some analysts argue that Bitcoin has entered a bear market following a 30% price correction from its cycle peak, historical data offers numerous examples of even stronger recoveries. Notably, Bitcoin’s high correlation with traditional markets tends to be short-lived. Several indicators suggest traders are simply waiting for better entry opportunities.
40-day correlation: S&P 500 futures vs. Bitcoin/USD. Source: TradingView / Cointelegraph
Bitcoin’s recent performance has been closely tied to the S&P 500, but this correlation fluctuates significantly over time. For example, the correlation