Analyst: S&P 500 Correction Could Drag Bitcoin Down to $63,000
- —Bitcoin support zone in a stock sell-off seen at $63,000–$75,000
- —BTC fell harder than the S&P 500 in 5 of 6 corrections since 2014
- —Scenarios outlined: $67,500, $43,000 and $29,000 depending on depth
- —BTC correlation with the S&P 500 has risen to about 0.6 over six weeks
Why it matters: Rising equity correlation leaves Bitcoin exposed to a macro correction, though historically BTC recovered within months of a stock market bottom.
Source: Cryptonews.net