Bitcoin is now caught in an intense uptrend that has rocketed its price to new year highs – with the bulls currently testing those highs as they continue to aim higher.
This strength came from the coincidence of several positive news developments and has allowed BTC to far outperform the stock market
A bullish outcome of this recent rally was the crash of Bitcoin Bank correlation with the crash to zero.
This correlation previously weighed on pricing policy and prevented significant upside potential.
An analyst firm is now finding that this is an incredibly bullish development.
Bitcoin and the entire crypto market have been immensely bullish for the past few days and weeks, with sellers unable to gain strong traction as BTC continues to push higher.
Any rejection has resulted in only minor sell-offs that have been heavily absorbed by the bulls. This is a positive sign that indicates the strength of buyers.
Additionally, the BTC bulls have catalyzed immense strength lately, and it appears that Bitcoin is on its way to making significantly higher highs in the near future.
This has caused its correlation with the stock market to drop to zero, which is a bullish move.
Bitcoin rises to annual highs with increasing buying pressure
At the time of writing, Bitcoin is trading just under 2% at $ 13,150. That’s just a hair below the $ 13,200 high set a few days ago.
This level has proven to be resistance, but every rejection BTC has faced has become progressively weaker.
It now appears that BTC is on the verge of breaking this level and rising to new highs.
BTC smashes correlation with the stock market
An analyst commented that Bitcoin’s correlation with the stock market is now zero, which is bullish.
„With the price increase of Bitcoin by + 14.1% in the past week, the correlation to the # SP500 has fallen back to 0 for the first time since May on our model of the rolling 30-day average … BTC has developed well historically, when the dependence on the world markets and other asset classes and industries is minimal and trading can be operated independently … „