Many see bitcoin $BTC$71,329.00as a safe-haven and store-of-value asset, like gold. But some currency traders treat it as a lead indicator for broader market mood, and they've been proven right again: Before finding stability near $70,000 recently, bitcoin plunged sharply, presaging the ongoing global stock market swoon.

Bitcoin's price peaked above $126,000 in early October and started falling, eventually h