![Bitcoin’s top and bottom correlation with gold, the S&P 500, and US property](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2023/02/bitcoin-exchanges-2.jpg&w=70&h=37&q=75)
Bitcoin’s top and bottom correlation with gold, the S&P 500, and US property
Data shows there is no definitive top or bottom correlation between Bitcoin, gold, the S&P 500, and U.S. property.
![Bitcoin’s top and bottom correlation with gold, the S&P 500, and US property](https://cryptoslate.com/wp-content/uploads/2023/02/bitcoin-exchanges-2-768x403.jpg)
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Data analyzed by CryptoSlate showed a degree of relationship between Bitcoin tops and bottoms in relation to those of gold, the S&P 500, and the S&P Case-Shiller Home Price Index (CSHPI).
Bitcoin versus others
The chart below interlays the price of BTC, gold, the S&P 500, and CSHPI. It was noted that when Bitcoin bottomed during the covid crash in March 2020, the price of the other three assets/indices also bottomed soon after, except for CSHPI.
![Bitcoin, gold, S&P 500, and Case Shiller](https://cryptoslate.com/wp-content/uploads/2023/02/risk.jpg)
Examining the tops on an expanded timeframe also shows mixed results for BTC as a leading indicator. Bitcoin topped $69,000 in November 2021, the S&P 500 followed by the year-end, followed by the CSHPI, which peaked in January 2022.
However, gold had topped at $2,070 around August 2020, some 15 months prior to BTC topping.
![Bitcoin, gold, S&P500, and Case Shiller](https://cryptoslate.com/wp-content/uploads/2023/02/BTCUSD_2023-02-13_17-51-34.png)
In summary, the data points to a high degree of bottoming correlation between Bitcoin, gold, and the S&P 500, but not U.S. property. The covid period was a black swan event that would have exerted sell pressure among liquid asset classes.
Regarding topping, Bitcoin displayed a strong degree of correlation with the S&P 500 and the CSHPI, but not with gold.