Bitcoin price action records decoupling from gold and silver

2023-6-27 16:43

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.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Golos Gold (GBG) на Currencies.ru

$ 0.0077733 (-2.90%)
Объем 24H $0
Изменеия 24h: -17.51 %, 7d: -17.17 %
Cегодня L: $0.0077733 - H: $0.0095975
Капитализация $99.238k Rank 99999
Доступно / Всего 12.767m GBG

gold price btc bitcoin silver correlation action

Источник: coinjournal.net

gold price → Результатов: 126


Bitcoin and gold’s price will rise following the impending global financial crisis, says Max Keiser

Max Keiser spoke about macroeconomics and global politics, warning about the impending economic recession and its effects on Gold and Bitcoin, in a recent edition of the Kaiser report. Max Keiser said that Deutsche Bank would be the most likely of the major banks to go bankrupt and will require a bailout, just like the […] The post Bitcoin and gold’s price will rise following the impending global financial crisis, says Max Keiser appeared first on AMBCrypto.

2019-6-21 23:30


Bitcoin [BTC]: #DropGold campaign gets called out for being ‘Bitcoin cartel’

The Bitcoin [BTC] ecosystem has seen a resurgence of sorts recently, with multiple price fluctuations in the cryptocurrency field being spearheaded by the world’s largest cryptocurrency. Several movements and campaigns were launched to spread the message that Bitcoin is a thing of the future, along with its benefits over the standard ‘store of value,’ Gold.

2019-6-11 11:00


Фото:

Bitcoin [BTC] zooms past the utility asset domain of Platinum & Palladium as it guns for Gold

Bitcoin’s [BTC] rise and fall on the cryptocurrency charts have been a sight to behold, with cascading events in the industry being attributed to its price movement. A recent post by planB suggests that Bitcoin has escaped the utility asset domain of Platinum, Palladium, and Silver and has entered the monetary asset domain of BTC’s […] The post Bitcoin [BTC] zooms past the utility asset domain of Platinum & Palladium as it guns for Gold appeared first on AMBCrypto.

2019-6-6 18:00


Фото:

Op Ed: Debunking Bitcoin Myths: ‘It’s a Ponzi Scheme’

The accusation that bitcoin is nothing more than a Ponzi scheme is perhaps the oldest, longest-standing criticism of the digital bearer asset. The basic idea is that there is nothing of value here and the entire purpose of bitcoin’s existence is to enrich Satoshi Nakamoto and the speculators who bought in for a few pennies or dollars in the early days by tricking others into buying in at a higher price.

2019-6-4 19:03


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Why are Baby Boomers ditching gold for Bitcoin ETFs?

For as long as there have been markets, gold has been considered a haven in times of hardship.   But that may now be changing, with the mass exodus we have seen in recent months of investors flocking away from – not towards – gold ETFs.