Analysts highlight a positive correlation between BTC and gold. It seems like good news for crypto and precious metal lovers. At the same time, February’s gold futures have fallen while Bitcoin makes it possible to hold its recent gains.
The fact that the major cryptocurrency holds its gains and keeps positive makes traders believe that the crypto winter is coming to an end. So, we may expect a bull market to be in the works. After the latest GDP data release with numbers higher than expected, many assets went positive including stocks featuring the US market growth by 2.9% annual rate during the 4th quarter of 2022. All major indices including DJI, NASDAQ, and S&P finished in the green zone.
As for BTC, the cryptocurrency is currently traded between $22,870 and $23,270. Neither bears nor bulls can take control over the price action. Traders are recommended to watch 3 crucial levels to identify potentially profitable price zones:
Despite the positive correlation between gold and BTC, contracts of gold futures for February have fallen. It is the first decline of 0.68% in 6 last trading days. The metal was traded to its high of $1949.80 before the GDP data release. Later, it was traded at a $1918.40 low.
May the trading luck be with you!