Data Shows Strong Correlation Between Bitfinex Reserve & Bitcoin Price During...
On-chain data suggests there may have been a strong correlation between the Bitfinex Reserve and the Bitcoin price during the crash to $35k. Bitfinex Reserves Rose Sharply As BTC Price Plunged Down To $35k As pointed out by an an analyst in a CryptoQuant post, the movement in the Bitfinex reserve seems to have had […]
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The Bitcoin correlation with the macro markets reached new highs in 2022. This saw the price of the digital asset, and the entire crypto market by extension, follow the movement of the stock and equities market very closely. There were forecasts that the cryptocurrency would begin to decouple from the macro market as time went on but data shows that the correlation still remains very high even now. Following The Macro Market One of the most prominent ways that the macro market and the bitcoin correlation have shone through has been during important events like the CPI data releases. The....
Bitcoin continues to lose momentum on low timeframes, as bulls were unable to follow through on yesterday’s upside impulse. The cryptocurrency was rejected around the mid-area of its current levels and might be bound for a fresh re-test of local support. Related Reading: All Signs Prove Shiba Inu Is Ready For A Run; Here Is Why? At the time of writing, Bitcoin price trades at $20,000 with a 1% loss and a 3% profit in the last 24 hours and 7 days, respectively. Despite its negative price performance, BTC remains relatively strong when compared with other cryptocurrencies in the top 10 by....
The latest meltdown in BitFinex BTC shorts could follow up with a spike in spot Bitcoin bids, stated one analyst. Bitcoin (BTC) bears should watch out for a potential blow as the number of margined short positions on the Bitfinex exchange crashes by roughly 25%.The dataset dropped to 11,066 BTC as of 12:20 GMT Saturday, compared to 14,897 BTC at the session's open. Meanwhile, the drop came as a part of a bigger downside move that started on July 15. On the day, the total number of margined short positions had reached 17,053 BTC.BTCUSDSHORTS on July 17 plunged as a part of a prevailing....
Data shows the Bitcoin correlation with S&P 500, and hence the stock market, has now set a new all-time high (ATH). Bitcoin Correlation With S&P 500 Reaches New High As pointed out by an analyst in a CryptoQuant post, the BTC correlation with the stock market is currently at an all-time high, further damaging the “safe haven” narrative. The “Bitcoin correlation with S&P 500” is an indicator that measures how strongly the price of BTC reacts to volatility in S&P 500, as well as the direction of the response. When the indicator has values greater than zero, it means....
Data shows the Bitcoin correlation with the US stock market has remained at a high value recently as it saw an increase during the last week. Bitcoin Correlation With Stock Market Observed Slight Growth In Past Week According to the latest weekly report from Arcane Research, BTC’s correlation with NASDAQ and S&P 500 is currently […]