Bitcoin's Connection to Gold Strengthens: A Multi-Year High Correlation Unfold
According to blockchain analytics company Kaiko, Bitcoin's correlation with gold has achieved a multi-year peak, now hovering around 50%, which is higher than its correlation with US equities.
Based on technical analysis, Bitcoin is currently exhibiting a fluctuating trend, potentially facing resistance near the $28,900 mark.
If the BTC/USD pair manages to breach the resistance level at $28,950, it could result in an appreciation of Bitcoin's value, potentially driving the price up to $29,200 or even $30,700.
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