• The 30-day correlation between Bitcoin and gold is at cycle lows after the 2023 BTC price move.
  • Bitcoin has outperformed precious metals even though its correlation with equities has also declined.
  • Gold was trading around $1,928 per ounce Tuesday morning while silver was at $22.94 per ounce.

Gold continues to hover above $1,900 after a recent drop from year-to-date highs above $2,052 per ounce threatened to pull back to February lows. However, at $1,928 per ounce, the gold price has been negative for the past 30 days and is up over 6% in the last six months.

Silver prices have also risen slightly to $22.94 an ounce at the time of writing. However, silver has fallen 1.6% over the past 30 days and has posted a 3.3% deficit over the past six months.

Separating Bitcoin from Gold and Silver

On-chain data platform Glassnode has share Latest details show Bitcoin price movement continues to be decoupled from the metal. In 2023, BTC will hit a high of $31,500, up 14% over the past 30 days and +85% year-to-date.

The correlation between gold and silver has reached near cycle lows for XAU/USD and new cycle lows for XAG/USD.

Local Bitcoin price action has recorded divergences from both gold and silver, with the 30-day correlation with gold remaining near cycle lows of -0.78, while the correlation with silver is at cycle lows, respectively. has reached a low of -0.9.

The US CB Consumer Confidence Report due out on Tuesday suggests that commodities prices are likely to rise, but gold and silver remain heavily subdued. The main hurdles are $1,930 and $23.04 for XAU/USD and XAG/USD respectively.

BTC, on the other hand, has shown resilience above $30,000 and could rise following recent spot ETF-related news.

The potential for further BTC/USD rally is highlighted by Santiment analysts in the chart below. According to them, after the cryptocurrency market surged to local highs last Friday, traders may retrace buying opportunities in the $27,000 to $29,000 area. expectations are rising.

This is a scenario in which bearish sentiment builds, and analysts suggest it could be a source of renewed upward action.

As CoinJournal reported on Monday, the latest data also show that the correlation between Bitcoin and the Nasdaq 100 is at its lowest level in three years.

By Jules

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