Bitcoin Price Torn Between Golden Cross and Rising Yields

Bitcoin's price prediction is increasingly complex due to shifting correlations with other major assets. According to data from Bitwise Asset Management, the cryptocurrency's correlation with gold over the past 90 days has reached approximately +0.50, a six-year high. This means BTC is trading more like gold and less like tech stocks.

The current golden cross technical setup, which occurs when the 50-day moving average surpasses the 200-day MA, may signal further upside if momentum holds. However, only three of 12 past golden crosses have led to sustained gains over the following year.

Rising Treasury yields and hawkish policy talk are having a negative impact on risk assets, including Bitcoin. The Fed's expected rate hike has increased to 88%, with many analysts cautioning that higher yields can sap appetite for volatile crypto like Bitcoin.