Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"[ad_1] Key Price Insights: Bitcoin (BTC) vs. Gold Bitcoin (BTC) price continues to hold firm at the $34,000 support, while Gold (XAU) also cleared the $2,000 milestone on Friday.\u00a0 The S&P 500 is down 6% over the last two weeks as big tech companies, including Google (Alphabet) and Facebook (META), posted unimpressive earnings reports.\u00a0 A vital historical indicator reveals that BTC is building momentum for another bullish phase.\u00a0 Bitcoin (BTC) price continues to hold firm at the $34,000 support, while Gold (XAU) also cleared the $2,000 milestone on Friday. Recent events surrounding big tech earnings have triggered a downswing in the US stock markets. A vital historical indicator highlights how the S&P 500 downsizing could evolve into a bullish price action for BTC and Gold prices in November 2023. Big Tech Earnings Triggered a Downswing in US Stock Markets\u00a0 The major US stocks indexes fell last as major tech companies including Google\u2019s parent company Alphabet posted underwhelming earnings reports. The Nasdaq dropped by more than 2.4% while the S&P 500 lost has is now 6% from October 11. Although, Alphabet did beat analysts\u2019 estimates for its profit lines, but the devil was in the details. Google\u2019s glowing bottom line performance was overshadowed by the declining growth of its cloud business. This triggered a negative reaction among investors, and with eventually the the S&P 500 spiraling.\u00a0 Standard and Poor\u2019s 500 (S&P 550) Index | May \u2013 October 2023. Source: IndexSPThe S&P 500 (Standard and Poor\u2019s 500) is an index fund that tracks the stock performance of the 500 largest companies listed across registered stock exchanges in the US.\u00a0 Typically, when there is a downtrend in the stock prices, investors often look to alternative and non-correlated markets such as cryptocurrencies and commodities markets to mitigate losses and diversify their portfolio.\u00a0 Recent movements in the Bitcoin (BTC) and Gold (XAU) prices this weekend raise early clues that this could form a major theme for November 2023.\u00a0 Bitcoin Price Entered New 2023 Peak Last Time Correlation to Gold Hit 0.98 Amid the bearish events in the US stock markets this week, Bitcoin and Gold have gained bullish momentum.\u00a0 Firstly, while the S&P 500 index sank to a 5-month low, the price correlation Gold and BTC prices has reached the 0.98 mark for the first time in 4-months. Notably, the last time this happened around June 12. And within the next 10 days, Bitcoin price rapidly gained 23% to hit a new 2023 peak of $31,475. Bitcoin (BTC) vs. Gold (XAU) Price Correlation Coefficient | Source: TradingView. \u00a0The Correlation Coefficient is a statistical measure that quantifies the degree and direction of the linear relationship between the prices of two assets. It is used to assess how closely the prices of two assets move together.\u00a0 When its positive values edges closer to 1 as observed above, it means that the prices of Gold and BTC are increasingly moving in the same direction.\u00a0 Given the negative circumstances surrounding the stock markets, it suggest that investors are piling buying pressure on BTC and Gold simultaneously. When it happens during a bull rally, it signifies that the momentum could increase. Unsurprisingly, Gold (XAU) has already cleared the $2,000 milestone on Friday to hit a 5-month high.\u00a0 Historically, once the correlation coefficient between Gold and BTC nears 1 during a bull market,\u00a0 investors begin to increase their bets on Bitcoin due to its tendency to deliver higher profit margins.\u00a0 This phenomenon was observed in June 2023 above. Once the correlation coefficient reached 1, Gold price slowed, while investor continued to buy BTC, eventually pushing prices toward a new all-time high within two-weeks.\u00a0 If this pattern repeats, investors can expect Bitcoin price to start November positively and potentially reclaim the $40,000 milestone. 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