Bitcoin price separates from gold and silver.
- The 30-day correlation between Bitcoin and gold has reached cycle lows after BTC’s price action in 2023.
- Despite falling correlation with stocks, BTC has outperformed gold.
- On Tuesday morning, gold was trading near $1,928 per ounce and silver was at $22.94 per ounce.
Gold has remained above $1,900 after a recent breakdown from year-to-date highs. However, at $1,928 per ounce, gold is negative in the past 30 days and has only risen just over 6% in the past six months. Silver is also up only slightly, at $22.94 per ounce as of writing. However, silver is down 1.6% in the past 30 days and 3.3% in the past six months.
Bitcoin decoupling from gold, silver
According to on-chain data platform Glassnode, Bitcoin price action has continued to decouple from the metals. In 2023, BTC has reached highs of $31,500 and is up 14% in the past 30 days and 85% YTD.
The correlation between Bitcoin and gold and silver has reached near cycle lows for XAU/USD and new cycle lows 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 .”
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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 rise further amid recent spot ETF related news.
According to Santiment analysts, there is a probability that BTC/USD rises further. Following crypto markets’ jump to local tops last Friday, traders have been expecting a retracement for buy the dip opportunities in the $27k-$29k region. This scenario could lead to increased bearish sentiment, which the analysts suggest could be an ingredient for new upward action.
😨 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
As reported by Blockchain on Monday, the latest data shows that Bitcoin’s correlation with the Nasdaq 100 is at a three-year low.