Can bitcoin continue to perform against the wind as the "death cross" approaches again?

The 100-day correlation coefficient between bitcoin and the S&P 500 is currently at 0.44, which is the highest level since the fourth quarter of 2020 and one of the highest levels a decade ago. (A coefficient of 1 indicates that the assets are moving in line, while a -1 indicates that they are moving in opposite directions.)

In a report Tuesday, analysts said the growing interconnectedness of asset classes "allows for the transmission of shocks that could destabilize financial markets. The growing number of emerging market economies (such as El Salvador) adopting cryptocurrencies as legal tender is a particular concern.