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Crypto analyst Crazzyblockk said Bitcoin is showing strong correlations at the same time with the Nasdaq, gold and the U.S. Dollar Index, and argued that further dollar strength could limit BTC’s upside.
As of Oct. 8, based on the most recent 90 trading days, BTC’s correlation coefficient with the Nasdaq stood at +0.42, compared with -0.36 for the U.S. Dollar Index and +0.51 for gold, Crazzyblockk said. The analyst added that Bitcoin’s correlation with gold was higher than 98.9% of all 90-day observations since 2014. Periods when all of these correlations formed simultaneously accounted for about 11% of total trading days since 2014, with three such stretches identified: August 2020 to January 2021, September 2022 to June 2023, and since June 12, 2026. If the current pattern continues, additional dollar strength could put downward pressure on BTC, while a turn toward dollar weakness could support price gains, the analyst said.