Currently, the price of Bitcoin is $58,027.33. Over the past 30 days, the price has fallen by at least 1.9%. Meanwhile, gold hit an all-time high of $2,518.86 per ounce. Data shows a negative correlation between gold and Bitcoin. Let’s dive in for more interesting details!
Bitcoin bear market continues
CryptoQuant’s Bull-Bear Market Cycle Indicator shows that the Bitcoin market is currently in a bear phase. The MVRV ratio also shows a similar trend as it has been below its 365-day moving average since August 26.
A report from CryptoQuant states that long-term Bitcoin holders are spending their holdings at lower profit rates. The report also mentions that the LTH SOPR Ribbon, which tracks spending patterns, has been trending downward since the end of July.
The views in the report also support the view that Bitcoin is in a bearish phase and its price may fall further. However, some experts are looking at Bitcoin price predictions to assess whether the market will rebound soon.
Gold Price Historical Market Analysis
At the beginning of the year, the price of gold was around $2,043.05/oz. On February 13, the price of gold fell slightly to $1,993.88/oz. On March 10, a few days before the BTC price hit a new all-time high, the price of gold was $2,183.70/oz. After the BTC price reached its yearly high, on March 16, the price of gold fell slightly to $2,156.67/oz. However, between March 24 and April 17, the market saw a strong upward momentum, with the price rising from $2,173/oz to $2,391.87/oz.
Since then, the market has maintained its momentum despite some minor fluctuations in between. Currently, the price of gold remains at an all-time high. Gold has not touched such highs in the past 20 years.
Bitcoin Price History Price Analysis
At the beginning of the year, the price of Bitcoin was $42,268.89. There was a strong upward momentum between January 23 and March 13, which resulted in a new all-time high above $73,000. On August 27, the price fell below the $60,000 level. Currently, the market is struggling to break above this level. BTC’s SMA 50 is close to $60,111.91. The market has fallen by 2.3% in the past 14 days alone.
Bitcoin decouples from gold
Data shows that there is a negative correlation between Bitcoin and gold. While the value of Bitcoin has declined, gold has hit an all-time high. Does this indicate that investors are turning to safer assets like gold and abandoning risky assets like Bitcoin?
In conclusion, if the new trend shows that investors are choosing gold over Bitcoin due to risk considerations, it could have long-term implications for the cryptocurrency industry. Therefore, it is important to keep an eye on the trend.
Walking in the market circle, mastering the seven major trading methods, you must be well versed in the investment advances and retreats, offense and defense, so that you can be as stable as a rock in the wind and turn danger into safety in the trap. David has been in the market for many years and is well aware of the opportunities and traps. If your investment is not going well and you are unwilling to lose money, you can contact David and I will correct your past; if you are profitable now, I will teach you how to keep your profit; if you are still lonely and confused in the market, David is willing to guide you forward. The real tragedy of trading is not how much you suffer, but how many opportunities you miss! Seize the present and move forward together.
I am David, a person who will leave his name in the cryptocurrency circle in the future
In the current market situation, I have dozens of solutions
Can keep up
Leave a message so I can see it!
++++++++++
