Bitcoin (BTC) saw fresh gains on Aug. half dozen as bulls refused to rest and the price steamed toward $12,000.

Cryptocurrency market daily snapshot Aug. 6

Cryptocurrency market daily snapshot Aug. 6. Source: Coin360

BTC cost recovers $1,200 crash losses

Data from Coin360 and Cointelegraph Markets showed BTC/USD tackling $11,900 on Thursday, with 24-hour gains at 2.2%.

With barely any let-up, Bitcoin has recovered almost all its lost ground over the form of this week, just four days afterwards it shed $1,200 in minutes after initially passing the $12,000 mark.

With its latest motion, the largest cryptocurrency thus crush out resistance earmarked by analysts as the side by side hurdle for bulls.

"Essentially new resistance hit here subsequently breaking $eleven,300-11,400," Michaël van de Poppe reported on Twitter earlier on Th.

"Let'due south see how it goes from here."

BTC/USD 1-day chart

BTC/USD i-mean solar day chart. Source: Coin360

All eyes will be on the ability for bulls to flip the precarious $12,000 level into solid back up, something which nonetheless came easily for $11,000 one time resistance at $10,500 was broken.

Bitcoin realized correlation with golden hits all-time high

Bitcoin "copying" gold to hitting surprise price highs now has factual evidence every bit the realized correlation between the 2 assets reaches all-time highs.

Data from on-concatenation monitoring resources Skew confirmed the trend this week, with one-calendar month realized correlation between gold and Bitcoin now at 67.1%.

The transformation has been impressive — just iii weeks agone on July 20, a local low saw realized correlation hit -0.1%.

Bitcoin Vs. Gold realized correlation 2-year chart

Bitcoin Vs. Gold realized correlation 2-twelvemonth nautical chart. Source: Skew

The intervening period has been marked by Bitcoin's rapid gains in USD terms, post-obit in gold's footsteps several months after the precious metal began its own conspicuous climb.

At press time on Th, XAU/USD was at $two,065, its highest ever against the dollar, passing $two,000 despite analysts predicting the likelihood of such an event beingness but 30% this year.

Meanwhile, doubts are surfacing over Bitcoin'due south continued correlation with stock markets. BTC was 95% correlated with the S&P 500, for example, merely on Th, one analyst declared the relationship to be over.

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