Bitcoin price action records decoupling from gold and silver
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.
