In this episode of NewsBTC’s daily technical analysis videoswe compare Bitcoin price with the S&P 500, WTI Crude Oil, Gold, and the almighty dollar through the DXY.
Watch the video below:
VIDEO: Bitcoin (BTCUSD) Price Analysis: October 4, 2022
Stock Exchange Correlation With Crypto Continues
To begin with, comparing the S&P 500 against Bitcoin shows that Bitcoin tends to outperform the stock market. Importantly, BTC and the SPX were more tightly correlated than in the past.
This is noteworthy because along with Bitcoin, US stock indices have risen sharply. Both asset classes are down considerably from all-time highs, so this is still nothing to celebrate.
Bitcoin tops well ahead of the SPX | Source: BTCUSD on TradingView.com
Oil Slips Slight After BTC, But Sharply
In yet another macro comparison with WTI Crude Oil, we can see that oil tends to track crypto and stocks a bit.
Oil prices tend to fall even more sharply than crypto during corrections, but there are fewer and fewer in between. Oil prices are also rising sharply at the same time as Bitcoin and the stock market.
Will The Digital Gold Story Come Back?
Comparing gold against the top cryptocurrency by market cap, we can see that the bullish momentum that started in 2019 in gold has continued to run far beyond what Bitcoin is capable of. Despite this, this was the birth of the digital gold story as trade tensions between the US and China increased under the Trump administration.
With currencies starting to fall apart across the globe, gold is also suddenly rebounding along with stocks, oil, Bitcoin and other assets.