Bitcoin is wobbling below key resistance as analysts shift focus to gold and stocks correlation.
“When you lag the gold price, it's easier to see. Bitcoin tends to top between 0-6 months after gold and bottom 0-3 months after gold. This gap is approximate and will likely close with time.”Bitcoin’s correlation to gold stood at practically 100% on the day.Conversely, Kaleo hoped for a “decoupling” from the S&P 500, with Bitcoin primed to break out to the upside.
“BTC broke out above HTF resistance dating back to the November '21 ATH ~two weeks ago,” a further tweet stated. “It looks like it's about to continue that trend, as it's currently on the verge of breaking out of a pennant it's been accumulating in above support.”The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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