-0.21% -0.23%
Bitcoin (BTC) has rallied nearly 60% to around $27,000 in 2023 amid anticipations that the Federal Reserve would pause its quantitative tightening amid the U.S. banking crisis. Still, BTC price has failed to move beyond $30,000 decisively.
Buying exhaustion at this key psychological level led to a price correction toward $25,000 over the past week. Interestingly, the decline has strengthened Bitcoin’s correlation with several traditional financial metrics.
DXY weekly price chart. Source: TradingViewXAU/USD weekly price chart. Source: TradingViewU.S. M2 monthly supply chart. Source: TradingViewBTC/USD weekly price chart. Source: TradingView
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