At the current values of the S&P500 index, Bitcoin was priced at $55,000-$59,000 in 2022.
Unfortunately, starting from around May, Bitcoin has completely lost its correlation with the S&P 500 index. Despite the S&P's rapid growth of over 10%, Bitcoin has remained relatively stagnant.
To make matters worse, if significant downward trends occur in the S&P 500, Bitcoin will not withstand it and the correlation will temporarily return. In other words, Bitcoin is currently unresponsive to minor movements (both upward and downward) in the S&P 500, but it will react to a major downturn.
Unfortunately, starting from around May, Bitcoin has completely lost its correlation with the S&P 500 index. Despite the S&P's rapid growth of over 10%, Bitcoin has remained relatively stagnant.
To make matters worse, if significant downward trends occur in the S&P 500, Bitcoin will not withstand it and the correlation will temporarily return. In other words, Bitcoin is currently unresponsive to minor movements (both upward and downward) in the S&P 500, but it will react to a major downturn.