Bitcoin Correlations Depend on What Phase It Is In
Bitcoin's correlations with gold and the stock market appears contradictory on the surface. There are deeper machinations at work.
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Bitcoin has seen some mixed price action as of late, with bulls and bears largely reaching an impasse as the cryptocurrency consolidates Where it trends next will undoubtedly depend largely on whether or not bulls can break the ongoing consolidation phase and spark a move higher This will likely only come about if BTC can […]
Bitcoin’s price has been showing signs of strength as its consolidation phase continues Although its upwards momentum has faltered, its current stability within the mid-$11,000 region is promising, as it points to some underlying strength amongst bulls Where the cryptocurrency trends in the near-term will likely depend primarily on its reaction to a couple of key levels One analyst is noting that a strong upside movement could be imminent in the near-term That being said, […]
Ethereum is currently caught within a consolidation phase alongside Bitcoin and its other peers This has made its near-term outlook somewhat unclear, as where it trends next may depend largely on the price action seen by BTC Overnight, an influx of selling pressure caused its price to plunge just over 1%, with this decline sending it below the crucial $380 level This level has long been pivotal for Ethereum, and its recent break above it […]
Bitcoin has yet to break above any key resistance levels over the past couple of weeks, with the resistance at $16,000 holding strong The selling pressure here has proven to be significant and has stopped the cryptocurrency’s immense uptrend right in its tracks Where the entire market trends next will likely depend on how Bitcoin trades as it nears this crucial level One prominent trader is stating that he expects Bitcoin to see further chop […]
Dr. Aaron Yelowitz, an associate Professor and Director of Graduate Studies in the Department of Economics at the University of Kentucky, has released a paper analyzing Bitcoin and its users with search trends using Google Trends. As Kristoufek demonstrated in his paper, there is a strong, positive correlation between Bitcoin searches and exchange prices. Yelowitz and Mathew Wilson take things a step further and find correlations between users and interest in Bitcoin. Based on "anecdotal evidence" in regards to Bitcoin users, Yelowitz constructed proxies for four possible users: computer....