Bitcoin has wholly sidelined its widely-covered correlation with the US stock market.
On Thursday, the benchmark cryptocurrency sustained its weekly gains as its price surged by more than 1 percent. The move briefly pushed the price above $13,000 before a modest pullback turned it back below the level. But overall, the bias appeared extremely bullish for Bitcoin.
Bitcoin retests $13,000-resistance in the latest sign of extended upside momentum. Source: BTCUSD on TradingView.com
That is because the price retested the $13K-level twice in over the previous 24 hours. At the same time, Bitcoin showed extreme resilience against sell-off attempts near $12,550, confirming that bulls want to hold the price floor in anticipation of a medium-term upside run.
Bitcoin-Stock Correlation
Conversely, such a bullish momentum was missing across the US stock market. The last 24 hours witnessed the top Wall Street indices closing a daily session in red, and further hinting bearish continuation ahead of the New York opening bell on Thursday.
Futures tied to