Bitcoin Price Nears $12K Again as Gold Correlation Hits Record

Published on by Cointele | Published on

Bitcoin saw fresh gains on Aug. 6 as bulls refused to rest and the price steamed toward $12,000.

Cryptocurrency market daily snapshot Aug. 6.

BTC price recovers $1,200 crash lossesData from Coin360 and Cointelegraph Markets showed BTC/USD tackling $11,900 on Thursday, with 24-hour gains at 2.2%.With barely any let-up, Bitcoin has recovered almost all its lost ground over the course of this week, just four days after it shed $1,200 in minutes after initially passing the $12,000 mark.

With its latest move, the largest cryptocurrency thus beat out resistance earmarked by analysts as the next hurdle for bulls.

"Essentially new resistance hit here after breaking $11,300-11,400," Michaël van de Poppe reported on Twitter earlier on Thursday.

"Let's see how it goes from here."

Bitcoin realized correlation with gold hits all-time highBitcoin "Copying" gold to hit surprise price highs now has factual evidence as the realized correlation between the two assets reaches all-time highs.

Data from on-chain monitoring resource Skew confirmed the trend this week, with one-month realized correlation between gold and Bitcoin now at 67.1%.The transformation has been impressive - just three weeks ago on July 20, a local low saw realized correlation hit -0.1%.Bitcoin Vs. Gold realized correlation 2-year chart.

Doubts are surfacing over Bitcoin's continued correlation with stock markets.

BTC was 95% correlated with the S&P 500, for example, but on Thursday, one analyst declared the relationship to be over.

x