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Bitcoin's recent downturn, coupled with a strengthening correlation to the Nasdaq index, underscores broader market concerns. Meanwhile, gold has reached record highs, signaling a shift in investor preferences toward traditional safe havens.
Bitcoin Price Falls as Gold Surges
The connection between the two cryptocurrencies has turned negative, say analysts at CryptoQuant, because Bitcoin's price has been falling and gold's has been rising to new record highs.
An climate where investors are risk-averse and favor conventional safe-haven assets over speculative ones, as seen by the negative correlation between bitcoin and gold, is indicative of this trend.
Despite Bitcoin's dissociation from gold, the cryptocurrency has been trending downward alongside US stock markets. According to analysts, this indicates that BTC is being impacted by macro headwinds.
Nasdaq Index Closely Mirrors Bitcoin’s Movements
The connection between the Nasdaq 100 Composite index and Bitcoin has increased from -0.85 to 0.39 since early July, when both indices fell 10% and 16%, respectively. According to CryptoQuant, the positive correlation between the Nasdaq index and Bitcoin is natural, so a drop in the stock market would have a negative impact on BTC.
The decline of the value of the dollar relative to other currencies is mirroring the trend in Bitcoin's price.
Financial Markets Show Signs of Risk Aversion
When global markets are uncertain, a weaker dollar and a falling Bitcoin could be signs of wider financial stress or risk aversion, according to CryptoQuant. Because of this, investors are getting out of the USD and other risky assets.
The valuation criteria for Bitcoin have turned bearish due to its decline, according to CryptoPotato. On August 27, when Bitcoin was trading around $62,000, CryptoQuant's Bull-Bear Market Cycle Indicator entered its bear phase.
Market watchers do not anticipate a major rally while the indicator remains in this phase, suggesting the possibility of additional corrections.
In addition, the present state of Bitcoin has been observed twice previously. In March 2020 and May 2021, the asset saw 30% corrections, and the Bull-Bear Market Cycle Indicator stayed in the bear phase.
Low MVRV Ratio Signals Potential for Continued Market Corrections
Furthermore, since August 26, the Market Value to Realized Value (MVRV) ratio of Bitcoin has been lower than its 365-day moving average, indicating the possibility of additional market corrections.
At the same time, the fact that Bitcoin's long-term investors are spending the asset at smaller profit margins is a pessimistic indicator. This shows that there isn't any new interest in buying Bitcoin.
