Although it would be logical to believe that BTC is more correlated with tech, in fact lately the correlation coefficients using 3D candles shows just the opposite. This is due to to tech getting rekt and BTC holding up along with the SPX, at least for now. Note that a correlation coefficient of +/- 1.0 indicates a perfect positive or negative correlation, and zero = no correlation. Right now the QQQ/BTC correlation is negative, as they've been moving in opposite directions, whereas the SPY/BTC correlation is still very positive.
In the chart, the QQQ correlation is in red and is currently negative, SPX is blue and is above 0.6.
Note that generally over longer time periods, the correlations of BTC with QQQ and SPY are higher, but there have been periods (like now) that show divergences which eventually revert.
In the chart, the QQQ correlation is in red and is currently negative, SPX is blue and is above 0.6.
Note that generally over longer time periods, the correlations of BTC with QQQ and SPY are higher, but there have been periods (like now) that show divergences which eventually revert.
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