Bitcoin's Relative Strength Hits 2-Year Low vs S&P 500

Bitcoin's performance relative to U.S. stocks has taken a sharp downturn, with the cryptocurrency now trading about 60% below its previous peak against the S&P 500 Index.

According to analysis by Daan Crypto Trades on X, Bitcoin would need to climb to around $148,000 to regain the same level of relative strength against the benchmark U.S. stock index that it previously enjoyed.

The gap between the performance of Bitcoin and the U.S. equity market is reflected in the BTC/SPX ratio, a measurement tool used to compare the performance of the Bitcoin and S&P 500 indices.