Bitcoin’s correlation with gold and silver is near cycle lows after its performance in 2023. Gold is hovering around $1,928 per ounce and Silver is at $22.94 per ounce.
According to On-chain data platform Glassnode, Bitcoin’s 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.
Silver prices are just slightly up at $22.94 per ounce, but are still down 1.6% in the past 30 days and 3.3% in the red over the past six months.
US CB Consumer Confidence report is expected to boost commodities, but 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. According to Santiment analysts, following crypto markets’s jump to local tops last Friday, traders have been expecting a retracement for buy the dip opportunities in the $27k-$29k region. This increases the probability of further BTC/USD rise.
Data also shows Bitcoin’s correlation with the Nasdaq 100 is at a three-year low.
