Источник Bitcoinist.com
Заголовок Bitcoin And Gold Share 85% Correlation – What Sets Them Apart?
Дата 20241004

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Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin And Gold Share 85% Correlation – What Sets Them Apart?

Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin And Gold Share 85% Correlation – What Sets Them Apart?

by Sebastian Villafuerte

5 mins ago

in Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin News

0

Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin is currently testing a crucial support level after a 9% decline from
its recent local highs. The broader crypto market, alongside traditional
markets, has been experiencing heightened volatility, driven by the ongoing
conflict between Israel and Iran. This geopolitical tension sends shockwaves
through global markets, and Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin is no exception.

Amid this turbulence, many analysts focus on Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin s growing
correlation with Gold as a key metric to watch. BTC, often called
digital gold, has been showing an increasingly strong connection
to the precious metal, especially in times of uncertainty.

Related Reading: Is Bitcoin (BTC• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin) On Track For A 100-Day Rally? Analyst
Unveils Cycle Forecast

One prominent analyst, Axel Adler, has shared compelling data and insights
highlighting this positive correlation. According to Adler, the two assets are
moving in tandem, with investors turning to them as potential safe-haven
assets during periods of global instability.

As BTC hovers near a critical support level, analysts and investors alike are
paying close attention to its price movements in the coming days. Whether BTC
can hold this support or experience, further downside will be decisive for the
crypto market
and its perceived relationship with Gold.

Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Volatility: The Main Difference With Gold

Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin has long been regarded as a safe haven and store of value, much like
Gold, particularly as it gained popularity as a distinct asset class. Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin
and Gold are commonly used by investors to hedge against economic uncertainty
and inflation, making them go-to assets in times of financial instability.

While some view the comparison between the two as a matter of competition, one
thing remains certain: there is a positive correlation between BTC and Gold.

According to CryptoQuant’s on-chain analyst Axel Adler, this correlation has
grown stronger over the past year. Adler recently shared a Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin vs. Gold
futures chart on X , revealing that Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin and Gold have shown an 85%
positive correlation during this period.

The Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin vs Gold Futures chart shows an 85% correlation. | Source: Axel
Adler on X

He emphasized that both assets react similarly to macroeconomic factors, such
as rising inflation or geopolitical tensions, which drive demand for assets
perceived as more stable.

However, there’s a significant distinction between the two: volatility. While
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin and Gold often move in the same direction during uncertain times, BTC
is far more volatile.

Related Reading: Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Data Suggests Strong Upside Potential As BTC Delivers
$264M In Average Net Profit

This higher volatility can make BTC more attractive to risk-tolerant investors
seeking larger gains, while Gold tends to appeal to more conservative
investors looking for steady value preservation. This difference is key for
investors when choosing between these safe-haven assets.

BTC Testing Crucial Demand Level

Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin is trading at a crucial demand level around $60,695, holding just
above the daily 200 exponential moving average (EMA) at $59,891. This EMA is a
key support level, signaling strength when the price exceeds it. The current
price action is critical, as bulls need to regain momentum to prevent further
downside. BTC is trading above the 1D 200 EMA. | Source: BTCUSDT chart on
TradingView

For bulls to reclaim control, BTC must rise above the daily 200 moving average
(MA) at $63,613, the most important level to watch in the short term. A break
above this level would indicate a potential shift back into bullish territory
and could ignite a rally toward higher levels.

Related Reading: Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Investors Net $456 Million In Daily Profits As BTC
Prepares For Major Rally

However, if Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin fails to close above the 1D 200 MA and EMA, a deeper
correction to the $57,500 level is likely. This would signal further weakness,
potentially leading to a more extended period of consolidation or downward
pressure. The coming days will be crucial in determining Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s direction
as investors closely monitor these key support and resistance levels.

Featured image from Dall-E, chart from TradingView

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