Bitcoin Price Returns to Positive Territory, Approaching $95,000
Bitcoin (BTC) has regained positive territory for the year, nearing $95,000 and recovering from an 18% decline. Its performance is currently up less than 1.5% since December 31.
- Bitcoin's positioning leans slightly towards the digital gold narrative compared to tech stocks.
- The 30-day correlation coefficient shows a strong correlation of 0.70 with gold and a weaker 0.53 with the Nasdaq 100.
- The price rose 10% last week, marking its strongest weekly performance since mid-November 2020.
Economic uncertainty is influenced by U.S. tariffs on Chinese goods, which have increased to 145%, impacting cargo shipment demand. Major retailers, including Walmart, warn of potential supply shortages and rising prices similar to those seen during COVID-19.