CandleFocus Bitcoin Decouples From Gold as Crypto Continues in Bearish Phase
2024-09-11
Author: Content Editor
Bitcoin has been in CryptoQuant's bearish phase since August 27, with a 20% decline from its record high a few months ago. The decoupling from gold, which has reached record highs, suggests a preference for traditional safe-haven assets among risk-averse investors. The correlation between bitcoin and gold has turned negative, with gold surging while bitcoin declines. The MVRV ratio is below its 365-day moving average, indicating a potential further price correction. The decline in bitcoin's price is accompanied by a drop in the U.S. dollar index, signaling broader risk aversion and uncertainty.
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