Glassnode reported that Bitcoin's correlation with the S&P 500 reached 0.8 over the past 30 U.S. trading sessions, its highest level since 2020. According to PANews, which reported the update on November 7, the correlation was well below 0.8 for most of the period since 2020. The post added that although Bitcoin's relative strength is sometimes discussed, macro factors continue to determine the broader market direction.