CryptoQuant's JanWues: Bitcoin $BTC is 'finally catching up' with surging $TNX w/ CalebFranzen Cryptoquant
Typically, in this bullish rally, Bitcoin closely followed the US10Y rates indicator. However, in December 2021, this correlation vanished. Bitcoin price was decreasing, while the US10Y rates spiked to multi-month highs over 1.8 percent.
However, after Bitcoin touched its local bottom at $32,950, both metrics got back to surging. Now, the US10Y rates are at the highest since July, 2019. US10Y have been surging since late July 2020. By printing time, the indicator holds above 1.9 percent.Market analyst and economist Caleb Franzen also spotted the end of 'de-coupling' and is sure that new upsurge of both indicators is nowhere near its end:
As I've been saying, my expectation for these 2 variables to converge, likely by seeing both move higher. In that scenario, #Bitcoin has a lot of catching up to do. 'Decoupling', i.e. the situation when Bitcoin loses its correlation with some traditional assets is widely used as an indicator of trend for the flagship cryptocurrency.For instance, the most impressive phase of its latest bullish rally started by BTC/XAU decoupling in August 2020.
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