Bitcoin [BTC], Gold, S&P 500 and a case of the widening correlation

continued to struggle on March 6, the study indicated that Gold and the stock market saw some improvement.The S&P 500 had started to rebound as of March 2 on the daily timeframe chart. The recovery came after several weeks of a downward trend, also visible on the chart.

The graph demonstrated that since its recovery started on March 2, it hiked by over 3%. It was selling at $4,059, up about 0.16% at press time. A weak bull trend was also indicated by its Relative Strength Index line as it crossed the neutral line to the upside.revealed that it has been battling to bounce back after its nearly 5% loss on March 3. It soon gained marginally, with the crypto trading at about $22,500.

The Relative Strength Index line was below the neutral line, indicating that it has continued to struggle.The current price difference between the two asset classes is what these two charts on the same timeframe have been able to show. Additionally, it demonstrated that the difference intensified following BTC’s drop on March 3. Generally, a drop in the price of BTC usually impacts the price of almost most cryptocurrencies.

The broader crypto-market’s cap took a significant knock due to the fear, uncertainty, and doubt that followed the Silvergate incident.

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