Bitcoin Price Continues To Drop With Seven Daily Red Candles – Bitcoin Magazine

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The below is an excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

Bitcoin And The S&P 500

In our latest monthly report, which focused extensively on the evolving macroeconomic environment, we highlighted the strong correlation between bitcoin and equities over the course of 2020, while also referring to bitcoin as a quasi-24/7/365, inverse VIX (currently). Generally, this means that when equities are bidding, bitcoin has gotten a lift as well; and when equities are selling off (likely alongside a rise in the VIX), bitcoin would face downside pressure as well.

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