Just Too Stretched? Bitcoin/Gold Cross, Beta - The history of the S&P 500 extending 20% above its 100-week moving average isn't favorable for #Bitcoin vs. #gold. Divergent weakness in the crypto-to-metal cross and downside-reversion risks are my takeaways from the graphic that shows beta reaching this 20% threshold in March, about the same time the per-ounce-of-gold level equal to a Bitcoin peaked at 33x.
@BBGIntelligence #commodities #cryptos #stockmarket #macroeconomics
The full report is on the Bloomberg terminal here:{BI COMD}
#Bitcoin #gold