The positive news surrounding the price of Bitcoin is piling up. We recently reported that a notoriously bullish indicator has given a signal in the past few days that its 2016 counterpart was followed by the Bullrun by 4,000% to $ 20,000. In addition, we have already gathered 7 fundamental reasons this morning why the price of Bitcoin will increase in the future. The whole thing is now crowned by a bullish signal that the S & P500 has produced. We will now explain why this is also relevant for the price of Bitcoin.
Bitcoin price spurred by S&P 500’s Golden Cross?
The S&P 500 is a stock index that includes the stocks of 500 of the largest listed US companies. The index is weighted according to market capitalization and is one of the most respected stock indices in the world. Now it looks like the S&P 500 is forming a golden cross, which is basically an indication of an upward rally and this could also be a positive sign for the Bitcoin price.
This could also be an indirect bullish signal for the Bitcoin price. The reason for this is the increasing correlation that the Bitcoin price has with the S&P 500. The monthly correlation recently peaked at 78.8%, while the annual correlation has now risen to 38.3%, indicating a longer-term positive relationship between the price of Bitcoin and the S&P 500.