On-chain data vendor IntoTheBlock has shared a possible reason for Bitcoin demonstrating a rise over the past few days. On April 11, the global flagship cryptocurrency dropped below the $42,900 level and hit a low of $39,000 on April 18.Data provided by IntoTheBlock shows that the Bitcoin price is being propelled by its close correlation to the Nasdaq and S&P 500 indexes.
The latter is showing a rise at the moment, trading at $4,459. It has recovered from $4,391. The Nasdaq Composite index is also showing a rise, going up to 160 EUR from 158 EUR.The correlation between Bitcoin and traditional financial markets is at its highest value of 2022 so far.High correlations that pushed it down early in the year with the S&P500 or Nasdaq appear to be the force propelling it back up.
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