The increased correlation implies that bitcoin are aligning with rosier expectations for the U.S. economy, and that the current price surge may continue.
The on-again, off-again relationship over the most recent 12 months pivoted on Jan. 6 from a correlation coefficient of 0.09 to its current coefficient of 0.90. Correlation coefficients range from -1 to 1, with the former implying an inverse price relationship and the latter implying the opposite. The producer price index for December fell 0.5% versus expectations for a 0.1% decrease. The decline was the largest monthly drop since April 2020 and highlights a gradual slowing of inflationary pressures. Food prices declined 1.2%, the largest monthly decline in over a year.
Bitcoin and copper are both displaying increased momentum technically. The Relative Strength Index for each are 75 and 77, respectively. Cautious technical traders will likely note that RSI readings above 70 can indicate that an asset is overpriced, and poised for a potential decline in prices.
Source: Digital Coin News (digitalcoinnews.net)
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