{"id":352243,"date":"2023-10-21T06:00:31","date_gmt":"2023-10-21T00:30:31","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=352243"},"modified":"2023-10-20T17:18:58","modified_gmt":"2023-10-20T11:48:58","slug":"bitcoin-follows-gold-as-both-rise-to-highest-values-since-august","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-follows-gold-as-both-rise-to-highest-values-since-august\/","title":{"rendered":"Bitcoin follows gold as both rise to highest values since August"},"content":{"rendered":"<ul>\n<li><em>On 19 October, the prices of Bitcoin and gold surged to a two-month high.<\/em><\/li>\n<li><em>BTC&#8217;s fund market premium showed increased activity from institutional investors since the month started.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Bitcoin [BTC] and gold climbed to their highest values since August during the intraday trading session on 19 October, with BTC climbing above $28,000 and gold rallying past $1,950.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udcc8\ud83d\udcb8 With the <a href=\"https:\/\/twitter.com\/hashtag\/dollar?src=hash&amp;ref_src=twsrc%5Etfw\">#dollar<\/a> returning around a 2023 high, this rise in fiat value has normally had a negative impact on <a href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#crypto<\/a>. But at least with <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>, a 2-month high was still able to be hit today. Digital gold and physical gold are moving up in tandem.  <a href=\"https:\/\/t.co\/OJBmNP9aQF\">https:\/\/t.co\/OJBmNP9aQF<\/a> <a href=\"https:\/\/t.co\/EKvrJzKqXs\">pic.twitter.com\/EKvrJzKqXs<\/a><\/p>\n<p>&mdash; Santiment (@santimentfeed) <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1715119156310487450?ref_src=twsrc%5Etfw\">October 19, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<hr \/>\n<p style=\"text-align: center;\">How much are\u00a01,10,100 BTCs worth today?<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">An assessment of the 30-day correlation coefficient between BTC and gold showed a significant surge in the correlation between the two assets in the last week. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Whenever this happens, it means that the prices of the two assets are moving in sync. At press time, this correlation stood at 0.04, growing by over 100% in the last seven days, according to data from <\/span><a href=\"https:\/\/app.intotheblock.com\/insights\/markets\/commodities\/precious_metals\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">IntoTheBlock<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<figure id=\"attachment_352265\" aria-describedby=\"caption-attachment-352265\" style=\"width: 1258px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-20-at-08.36.09.png\"><img decoding=\"async\" class=\"wp-image-352265 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-20-at-08.36.09.png\" alt=\"\" width=\"1258\" height=\"964\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-20-at-08.36.09.png 1258w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-20-at-08.36.09-300x230.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-20-at-08.36.09-1024x785.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-20-at-08.36.09-768x589.png 768w\" sizes=\"(max-width: 1258px) 100vw, 1258px\" \/><\/a><figcaption id=\"caption-attachment-352265\" class=\"wp-caption-text\">Source: IntoTheBlock<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin\u2019s [BTC] Price Prediction<\/a>\u00a02023-24<\/p>\n<hr \/>\n<h4><b>Institutional investors taking a peek at BTC<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">A notable cause of a surge in correlation between gold and BTC is an increase in institutional investments.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">An assessment of BTC\u2019s Fund market premium metric revealed an uptick in institutional investor eagerness over the last week to put their money in investment assets (BTC trust) that derive their price from the coin&#8217;s price movements.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Fund market premium refers to the difference between the market price of a fund and its Net Asset Value (NAV). A Fund market premium can occur when investors are willing to pay more for a fund than its NAV. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This could be due to several factors, such as the fund&#8217;s performance, investment strategy, or overall market sentiment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the last week, BTC\u2019s Fund market premium has increased by over 10%, according to data from <a href=\"https:\/\/cryptoquant.com\/asset\/btc\/chart\/fund-data\/fund-market-premium?symbol=all_symbol&amp;window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=line\" target=\"_blank\" rel=\"noopener\">CryptoQuant<\/a>.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On a month-to-date (MTD), this has rallied by 27%. This suggested a steady inflow of institutional funds into BTC investment assets, hence the growth in the coin\u2019s correlation with gold.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the\u00a0<a href=\"http:\/\/ambcrypto.com\/calculator\/bitcoin-profit-calculator\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">BTC Profit Calculator<\/a><\/p>\n<hr \/>\n<h4><b>Price to climb further, analyst brings good tidings<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">In a recent <\/span><a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/6531e470fddb3e351ebdaca7-BTC-potential-for-further-rise-in-short-term\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">report<\/span><\/a><span style=\"font-weight: 400;\">, pseudonymous CryptoQuant analyst Dan Lim opined that BTC\u2019s price might witness a further rally in the current cycle.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin\u2019s [BTC] Price Prediction<\/a>\u00a02023-24<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Lim assessed the relationship between BTC\u2019s short-term Spent Output Profit Ratio (STH-SOPR) and its Bollinger Bands (BB). He found that the STH-SOPR indicator had touched the lower part of the coin\u2019s BB.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Whenever this happens, it means that short-term investors are selling at a loss. According to Lim, this was a bullish signal, as it suggested that short-term investors had pent-up demand to buy BTC once the price recovers.<\/span><\/p>\n<figure id=\"attachment_352244\" aria-describedby=\"caption-attachment-352244\" style=\"width: 1280px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/9XCWsnM_82e793de14a760b27f047eb28febe96e67a13814d25a7de0d5031eb9c1423477.webp\"><img decoding=\"async\" class=\"wp-image-352244 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/9XCWsnM_82e793de14a760b27f047eb28febe96e67a13814d25a7de0d5031eb9c1423477.webp\" alt=\"\" width=\"1280\" height=\"711\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/9XCWsnM_82e793de14a760b27f047eb28febe96e67a13814d25a7de0d5031eb9c1423477.webp 1280w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/9XCWsnM_82e793de14a760b27f047eb28febe96e67a13814d25a7de0d5031eb9c1423477-300x167.webp 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/9XCWsnM_82e793de14a760b27f047eb28febe96e67a13814d25a7de0d5031eb9c1423477-1024x569.webp 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/9XCWsnM_82e793de14a760b27f047eb28febe96e67a13814d25a7de0d5031eb9c1423477-768x427.webp 768w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/a><figcaption id=\"caption-attachment-352244\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>As institutional investors increase their BTC holdings, the correlation between the leading coin and gold continues to climb. <\/p>\n","protected":false},"author":64,"featured_media":352267,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[41,35,66,3,4,20],"tags":[],"class_list":["post-352243","post","type-post","status-publish","format-standard","has-post-thumbnail","category-analysis","category-bitcoin-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - 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