In this episode of NewsBTC’s daily technical analysis videos, we compare Bitcoin price with the S&P 500, WTI Crude Oil, Gold, and the almighty dollar through the DXY.
Have a look below at the video.
VIDEO: Bitcoin Price Analysis – October 4, 2022
The Stock Market and Crypto Correlation Continues
To start, comparing the S&P 500 against Bitcoin, shows that Bitcoin tends to top out prior to the stock market. It is important to note that BTC has been closer to the SPX than it was in the past.
Because, along with Bitcoin and other cryptocurrency, the US stock indexes are also on the rise. These asset classes have fallen significantly from their all-time highs. There is no reason to be happy.
Source: BTCUSD at TradingView.com| Source: BTCUSD on TradingView.com
BTC is making oil slip slightly, but the price of oil keeps rising sharply
Another macro-comparison with WTI Crude Oil shows that crypto and stocks trail oil slightly.
Although oil prices are falling more quickly than crypto, corrections tend to be less frequent. Bitcoin and stock markets are seeing oil prices rise sharply as well.
What Will Happen to The Digital Gold Narrative?
When we compare gold with the most popular cryptocurrency according to market capital, it is clear that the bullish impulse which began in 2019 was far stronger than that of Bitcoin. This was despite the fact that this was the beginning of the digital gold narrative. Trade tensions between China and the USA increased under Trump’s administration.
As currencies around the world begin to crumble, gold, along with stocks, oil and Bitcoin are all suddenly recovering.
