Bitcoin price and S&P500 index are not correlated, I read so many of similar posts last few months but they are not correlated, just because both crashed in March and recovered since does not mean there is a correlation whatsoever.
It does. Correlation is about dependency. When one goes up, does the other go up and vice versa? The correlation between stocks and BTC is not
perfect but it's very obvious.
Sure there is a correlation. Better to say BTC is correlated to S&P the same way all stocks are correlated to the common index. When S&P500 goes up or down being dragged by mega-cap movements, almost all stocks do the same, without any apparent reason. It is almost funny to watch them moving as a herd. Sure few stocks are moving in different direction at any given moment, some may wildly pump or dump regardless of S&P trend, but the main mass is moving with the index...
It looks like BTC is also correlated to this herd (today's movements is just another example), which could probably mean there is a big number of traders who consider BTC as just 'yet another stock', alas. I cannot be sure, but I assume that's probably the ones who entered in 2017-2020 period.