– Decoupling from real-world assets like gold and stocks was a factor in Bitcoin’s rise to $30,000.

– The MVRV suggests that Bitcoin’s upward trend may continue despite being overbought, making it an attractive investment option for diversification.

Bitcoin’s [BTC] ascent to the $30,000 price mark can be attributed to a myriad of complex and multifaceted factors. However, it’s important to note that one factor played a reverse motivating role in the process. Specifically, the king coin has decoupled from the movement of some key real-world assets, which has undoubtedly impacted it.

Read Bitcoin’s [BTC] Price Prediction 2023-24

Bitcoin’s correlation with gold and SPX weakens

The crypto-SPX correlation is a term used to describe the connection between the value of digital currencies like Bitcoin and stocks. The correlation with gold and stocks has significantly affected Bitcoin’s price in the past. 

Per Santiment, the S&P 500 index showed a higher upward trend than gold and Bitcoin earlier in the year. However, there has been a noticeable decline in the correlation between Bitcoin and equities lately. BTC also showed a weakened correlation with gold following the banking crisis.

This reduced dependence on external factors was one of the driving forces behind Bitcoin’s surge to a 10-month high.

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Author: Suzuki Shillsalot

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