Bitcoin Down 15% While Gold and S&P 500 Rise

On-chain analytics firm Santiment suggests that Bitcoin may be undervalued based on its recent divergence from Gold and the S&P 500.

Key Points:

Bitcoin has declined by 15% since August 11th, while Gold increased by 21% and the S&P 500 rose by 7%.
The historical correlation between Bitcoin and these assets appears to have shifted, indicating a potential undervaluation of Bitcoin.
Santiment notes that historically, Bitcoin had a tight correlation with Gold and the S&P 500 over the past four years.
Glassnode highlights Bitcoin's current trading range between key price levels using the Supply Quantiles Cost Basis Model.
Bitcoin's price recently slipped below the 0.85 quantile, suggesting 85% of the supply is still profitable at this level.
Current resistance is around $108,500, with support near $100,600. Breaching these levels could define future trends.

Bitcoin is currently priced at approximately $105,000, marking a 2.5% increase over the last week.