📊 Bitcoin x Gold: the correlation that reveals market sentiment

The quarterly correlation between BTC and Gold acts as a global risk thermometer.

Current signal: risk aversion → BTC ↓, Gold ↑.

This shows investors migrating to the "safe haven" of gold, while risk assets (BTC, stocks, tech) suffer.

🔎 Historical context:

In times of crisis (COVID-19 in 2020, Russia-Ukraine war in 2022), Gold rose while BTC fell.

During phases of abundant liquidity (2020/21), BTC and Gold moved together (correlation > 0).

💡 What does it mean now?

Market in defensive mode, concerned about the macro scenario.

Pressure on BTC in the short term.

However, when the correlation turns positive again, it often marks the start of bull cycles, indicating renewed confidence.

👉 The question is: are we at the end of the fear phase or just at the beginning of it?