#Bitcoin in oversold territory relative to the S&P500 since end of 2025 BTC/SPX Ratio Z-Score also shows a bullish divergence similar to one seen during the previous bear market of 2022. We use the 365-day log Z-Score of BTC/SPX ratio to measure how many standard deviations Bitcoin’s relative value against the S&P500 is from its own 365-day moving average. This indicator uses the LOGARITHM of ratio, not the raw ratio, because #BTC has appreciated by orders of magnitude more than the S&P500 over same period. By using the logarithm of ratio, the oscillator becomes much more balanced and genuinely bidirectional, with calibrated overbought/oversold thresholds.
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