- Bitcoin’s 30-day correlation with gold is at cycle lows after BTC price action in 2023.
- BTC has outperformed the precious metal even as its correlation with stocks also fell.
- Gold traded near $1,928 per ounce while silver price was at $22.94 per ounce on Tuesday morning.
Gold continues to hover above $1,900 after its recent breakdown from year-to-date highs above $2,052 per ounce threatened a retreat to February lows. But at $1,928 per ounce, gold is negative in the past 30 days and just over 6% higher in the past six months.
Silver prices are also just slightly up at $22.94 per ounce as of writing. However, Silver is down 1.6% in the past 30 days and 3.3% in the red over the past six months.
Bitcoin decoupling from gold, silver
On-chain data platform Glassnode has& shared fresh details showing Bitcoin price action has continued to decouple from the metals. In 2023, BTC has reached highs of $31,500 and is 14% up in the past 30 days and +85% YTD.
The correlation with gold and silver has reached near cycle lows for XAU/USD and new cycle low for XAG/USD.
“Local Bitcoin price action has recorded a decoupling from both Gold and Silver, with the 30 day correlation to gold residing near cycle lows of -0.78, whilst the correlation to Silver has reached a cycle low of -0.9 respectively.”
Local #Bitcoin price action has recorded a decoupling from both #Gold and #Silver, with the 30 day correlation to Gold residing near cycle lows of -0.78, whilst the correlation to Silver has reached a cycle low of -0.9 respectively. pic.twitter.com/066EGsFWNI
— glassnode (@glassnode) June 27, 2023
Although commodities are likely to see a boost with the upcoming US CB Consumer Confidence report on Tuesday, gold and silver remain largely constrained. The main hurdles are at $1,930 and $23.04 for XAU/USD and XAG/USD respectively.
Meanwhile, BTC is showing resilience above $30k and could rip upwards amid the recent spot ETF related news.
The probability that BTC/USD rises further is highlighted in the chart below by Santiment analysts. They say that following crypto markets’s jump to local tops last Friday, expectation among traders has been for a retracement for buy the dip opportunities in the $27k-$29k region.
😨 After #crypto markets topped out last Friday, traders came into the start of the week with expecting that prices would continue to retrace & provide opportunities to buy in the $27k-$29k level. High #bearish sentiment increases further rise probability. https://t.co/bEkYCdNqVH pic.twitter.com/PxJQBTN1Us
— Santiment (@santimentfeed) June 27, 2023
It’s a scenario for increased bearish sentiment, which the analysts suggest could be an ingredient for new upward action.&
As CoinJournal reported on Monday, latest data also shows Bitcoin’s correlation with the Nasdaq 100 is at a three-year low.
The post Bitcoin price action records decoupling from gold and silver appeared first on CoinJournal.
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