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Bitcoin bounce coincides with a possible macro reversal

In this episode of NewsBTC’s daily technical analysis videos, we compare the Bitcoin price to the S&P 500, WTI Crude Oil, Gold and the almighty Dollar through the DXY.

Check out the video below:

VIDEO: Bitcoin Price Analysis (BTCUSD): October 4, 2022

Exchange correlation with crypto continues

First, comparing the S&P 500 to Bitcoin shows that Bitcoin tends to top ahead of the stock market. Importantly, BTC and SPX are more closely correlated than they have been in the past.

This is notable given that in addition to Bitcoin, US stock indices have also turned sharply higher. Both asset classes are down significantly from their all-time highs, so there’s nothing to celebrate just yet.

Bitcoin is way ahead of the SPX | Source: BTCUSD on TradingView.com

Oil slides slightly to BTC but revs up sharply

In another macro comparison with WTI Crude Oil, we can see that oil tends to lag crypto and stocks slightly.

Oil prices tend to fall even more than crypto during corrections, but fall less and further in between. At the same time as Bitcoin and the stock market, oil prices are also turning sharply higher.


Will the digital gold narrative return?

Comparing gold to the top cryptocurrency by market cap, we can see that the bullish momentum that started in gold in 2019 far exceeded what bitcoin was capable of. Nonetheless, this was the birth of the digital gold narrative as US-China trade tensions rose under the Trump administration.

As currencies around the world begin to fall apart, gold is also suddenly rallying alongside stocks, oil, bitcoin and other assets.


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