Now, this got me thinking what's behind this recovery for bitcoin. Is this now being correlated to the recent US' stimulus efforts?
That was completely missed by me until someone brought it up on another thread. It's possible since gold is no longer really an uninflated asset that people are turning to bitcoin as the government's inherently have no control over its function and there's 21 million until the community technocratically decides otherwise.
Therefore, we can't conclude but we can assume that it's because of that.
This is very good news. But Bitcoin has shown signs for quite some time that it is independent of stocks. The collapse of markets, bitcoin and gold, was primarily associated with the collapse of oil, and there was also the fear and panic from the coronavirus.
It is independent but we can't ignore the fact that when stocks fell, bitcoin followed or vice versa. That's why this assumption that we have of thinking that there's correlation between the two has been made. And this is why op made the thread because bitcoin seems moving up.