Bitcoin-SPX Correlation Could Jeopardize Bitcoin’s Rebound: Technical Tuesday

Jun 30, 2020 · 2 min read

In brief

  • The cryptocurrency markets were mostly in the green on Tuesday, as BTC prices gradually bounced back to $9,100 levels.
  • Data shows that the correlation between BTC and SPX has been increasing again, which could be a renewed concern for crypto traders.
  • DeFi tokens have seen notable price actions, with KNC jumping more than 8%.

Market overview

The cryptocurrency markets were recovering very slowly in Asia on Tuesday after the price of Bitcoin ( BTC) briefly touched $8,800 levels over the weekend. While the BTC price rebounded to the $9,100 area in the early session, the volumes were noticeably lower. The rebound also brought BTC back to the trading range where it spent most of the past month.

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