Bitcoin made a low of $29,307 back on July 20th, which was down 54.8% from its record high made on April 14th. In the 20 days since July 20th, Bitcoin has now rallied 58% to cross back above $46,000. (Remember, a decline of 50% means you need a rally of 100% to get back to prior highs.) As shown below, Bitcoin crossed above a key resistance level in the low $40,000s on its move higher over the last few days, which leaves quite a bit of space between its current level and the next areas of resistance above.
The chart below shows the rolling 3-month correlation between the daily price of Bitcoin and the S&P 500. Just a few weeks ago, this correlation reading got as low as -0.67, although it has been bouncing higher over the last couple of weeks. Click here to view Bespoke’s premium membership options.