Summary
- Bitcoin (BTC) has recently outperformed the U.S. stock market, signaling relative strength.
- According to on-chain analytics firm Glassnode, Bitcoin has posted higher returns than the S&P 500 on more trading days than not over the past several weeks.
- Glassnode said this relative strength could develop into a self-reinforcing trend, as investor capital rotation may further strengthen Bitcoin’s bullish momentum.
Forecast Trend Report by Period
Bitcoin (BTC) has recently shown relative strength, outperforming the U.S. stock market.
Glassnode said on Oct. 27 that over the past several weeks, Bitcoin has posted higher returns than the S&P 500 on more trading days than not.
In June, Bitcoin outperformed the S&P 500 on just one out of five trading days. That was its weakest relative performance in more than five years.
Glassnode said the recent relative strength could develop into a self-reinforcing trend. As investors shift capital toward better-performing assets, Bitcoin’s rally could strengthen further.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.