Bitcoin as a safe haven asset? – In 2022, Bitcoin was highly correlated to the US market. Indeed, if the US market fell, Bitcoin fell even more. However, it would seem that the situation will be different in 2023. It would indeed seem that the king of cryptocurrencies is increasingly correlated with gold. At the end of this first quarter, Bitcoin is up almost 70%.
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Bitcoin price underperforms Ethereum in 24 hours
Buyers can’t seem to break the resistance at $28,500 For now. Bitcoin (BTC) stagnates around $28,000 :
against the dollar, the price of BTC stagnates. However, against Ethereum, the price falls by 3.6% in 24 hours. Ethereum seems to be recovering a week from the Shanghai update. As a result, Ethereum could take advantage of the capital turnover. So far, capital is generally flowing towards the king of cryptocurrencies.
The price of Bitcoin is increasingly correlated to gold
Bitcoin is one of the assets considered risky, in the same way as the US market. In 2022, Bitcoin was highly correlated to the S&P 500, and the NASDAQ. According to Kaiko’s data, the trend is changing since the banking crisis:
Since March, we have noticed that BTC is less and less correlated to the S&P 500, and more and more correlated to gold. Indeed, Bitcoin acts as a safe-haven asset since the beginning of the banking crisis.
Bitcoin price rebounds at institutional bias on daily basis
There is not much missing to find the BTC at $30,000. For this, buyers must get rid of the resistance at $28,500 :
The course is in the process of rebound at the level of institutional bias (EMA 9/EMA 18) bullish, but it stops at the level of the resistance at $28,500. Despite everything, buyers manage to maintain momentum with higher lows than the previous ones. It only remains to close above the last high at $29,170 to finally find the BTC at $30,000. Stochastic continues to evolve in overbought zonesign that the movement is strong.
Since the banking crisis, operators have turned to Bitcoin. Indeed, BTC is turning into a safe haven asset, and it is experiencing an increasingly significant correlation with gold. Price is stalling at the resistance level at $28,500, buyers need to show up early to avoid sellers regaining control.
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