Bitcoin-Brent Correlation Hits Record Low Amid Macro Market Volatility

Markets are experiencing a significant shift as inflation and interest rates are being repriced. Brent crude oil prices have surpassed $100, and the US 10-year Treasury yield has reached 5.1%, its highest level since 2007. As a result, there is an increased likelihood of a rate hike in October, with odds sitting at around 64%.

This dynamic is particularly notable for Bitcoin, which exhibits a stronger inverse correlation with Brent on macro event days, reaching -0.53 compared to its overall inverse correlation of -0.36. This suggests that BTC price predictions may be influenced by this relationship in times of market volatility and economic uncertainty.

The current price of Bitcoin is $83,994.11, which falls within the Bollinger bands with an upper resistance level at $87,445.23. The neutral RSI (Relative Strength Index) reading of 50.8 indicates a balance between bullish and bearish sentiments, while the MACD (Moving Average Convergence Divergence) death cross suggests a potential retracement towards the EMA50 support at $82,463.48 before any further extension of the bullish trend.