Bitcoin Is Beating the S&P 500, so Why Is $85,000 Still Out of Reach?

Bitcoin is beating the S&P 500 on more trading days than not in recent weeks. Still, the price keeps failing to hold above $85,000, and has more recently even struggled to stay clear of $80,000. On-chain data points to 12 factors, from fading ETF demand to heavy supply from long-term holders. Bitcoin Regains Strength Against the S&P 500 Relative strength compares how one asset performs against another over the same period. In June, Bitcoin outperformed the S&P 500 on only one day in five, its weakest stretch in over five years. However, in October, Bitcoin is winning more sessions than it loses against equities. If investors keep rotating into the stronger asset, that trend could reinforce itself. That said, the price still struggles to break higher.

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