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<\/a><\/p>\nThe year-to-date percentage gain by Bitcoin was, for a while, several times that of the S&P 500. But as the cryptocurrency came down and equities continued to hit records, that\u2019s changed. They\u2019ve been about the same for a few weeks now.<\/p>\n
Swings Coming?<\/strong><\/p>\n The Bollinger bands are coiling around Bitcoin\u2019s price, essentially warning of a coming pickup in volatility. The bandwidth, defined by the percentage difference between the upper and lower bands, is flirting with year-to-date lows, while the 14-day Average True Range is close to its lowest levels of the year.<\/p>\n Moving apart<\/strong><\/p>\n The rolling 60-day correlation between Bitcoin and spot gold has turned negative, a situation that\u2019s happened only a few times since 2018. That can actually be seen as a good thing, because a lower correlation makes an asset more desirable for diversification purposes in asset allocation.<\/p>\n Still, it\u2019s a sign that the \u201cdigital gold\u201d moniker some have given to Bitcoin may no longer be so apt.<\/p>\n In the middle<\/strong><\/p>\n Ether has been floating just above its 200-day moving average in recent sessions, as the line appears to be offering support. That\u2019s the good news. The bad news is that the 50-day average is looking like it might serve as resistance – and in the $2,300 range, that wouldn\u2019t offer a lot of upside.<\/p>\n<\/a><\/p>\n<\/a><\/p>\n