隨著加密貨幣繼續處於看跌階段，比特幣與黃金脫鉤

另一項技術指標表明，加密貨幣市場可能會面臨更艱難的時期。

Bitcoin price has decoupled from gold in recent weeks as the cryptocurrency continues to trade in a bearish phase, while the precious metal has been hitting record highs amid broader risk aversion.

最近幾週，隨著加密貨幣繼續處於看跌階段，比特幣價格已與黃金脫鉤，而貴金屬在更廣泛的避險情緒中創下歷史新高。

Another technical indicator suggests even tougher times could be in the cards for the crypto market.

另一項技術指標表明，加密貨幣市場可能會面臨更艱難的時期。

Investors in this current risk-averse environment appear to be favoring traditional safe-haven assets like gold as opposed to bitcoin (BTC). The correlation between the two assets has turned sizably negative of late, according to data from on-chain analytics firm CryptoQuant.

在當前規避風險的環境下，投資人似乎更青睞黃金等傳統避險資產，而不是比特幣（BTC）。根據鏈上分析公司 CryptoQuant 的數據，這兩種資產之間的相關性最近已變得相當負面。

This comes as gold prices have been pushing to new record highs above $2,500 per ounce, while bitcoin has been declining and now sits more than 20% below its all-time high above $73,000 from March.

在此背景下，金價一直推升至每盎司 2,500 美元以上的新紀錄高位，而比特幣則一直在下跌，目前比 3 月份以來的歷史高點 (73,000 美元以上) 低了 20% 以上。

Meanwhile, U.S. stocks have also been struggling, with the S&P 500 slipping 3.6% since August 30. But bitcoin's price performance has been diverging from that of the stock market in recent months, with crypto prices showing less sensitivity to the Federal Reserve's monetary policy and economic data.

同時，美國股市也陷入困境，標準普爾500 指數自8 月30 日以來下跌3.6%。度較低，經濟數據。

Still, CryptoQuant’s Bull-Bear Market Cycle Indicator has been in a BEAR phase since August 27, when BTC was trading at $62,000. This indicator is now signaling that the bear market may be continuing.

儘管如此，CryptoQuant 的牛熊市場週期指標自 8 月 27 日以來一直處於熊市階段，當時 BTC 的交易價格為 62,000 美元。該指標現在表明熊市可能會持續。

Another technical indicator, the MVRV (market-value-to-realized-value) ratio, has also been below its 365-day moving average since August 26, which suggests a further price correction may be on the cards, according to CryptoQuant. The MVRV ratio dipping below the moving average previously acted as a precursor to a 36% drop in May 2021.

據 CryptoQuant 稱，另一個技術指標 MVRV（市值與實現價值）比率自 8 月 26 日以來也一直低於 365 天移動平均線，這表明價格可能會進一步調整。 MVRV 比率跌破移動平均線此前是 2021 年 5 月下跌 36% 的前兆。

The decline in bitcoin's price has also come alongside a drop in the U.S. dollar index, another indicator of broader risk aversion and uncertainty, according to CryptoQuant. The dollar index fell 0.2% on Monday.

CryptoQuant 表示，比特幣價格的下跌也伴隨著美元指數的下跌，這是更廣泛的風險厭惡和不確定性的另一個指標。美元指數週一下跌0.2%。

This story was edited to correct the directionality of the correlation between bitcoin and gold, which is sizably negative, not sizably positive.

這個故事的編輯是為了糾正比特幣和黃金之間相關性的方向性，這種相關性是相當負面的，而不是相當正面的。

EDIT (DEC. 13, 2023 – 10:30 UTC): This story has been updated to clarify that Block, Inc. was previously known as Square, Inc. and to note that Bullish is a separate entity from Block, Inc. or Blockstream. Block, Inc. was an early investor in Blockstream, but Blockstream later acquired Bullish from Block, Inc. in 2023.

編輯（2023 年 12 月 13 日 – 10:30 UTC）：本文已更新，以澄清 Block, Inc. 以前稱為 Square, Inc.，並注意 Bullish 是獨立於 Block, Inc. 或 Blockstream 的實體。 Block, Inc. 是 Blockstream 的早期投資者，但 Blockstream 後來在 2023 年從 Block, Inc. 手中收購了 Bullish。

The copy also now states that both Block, Inc. and Bullish have interests in CoinDesk's operating entity, rather than CoinDesk itself.

該副本現在還指出，Block, Inc. 和 Bullish 都對 CoinDesk 的營運實體擁有利益，而不是 CoinDesk 本身。

Please note that our privacy policy, terms of use, cookies and do not sell my personal information policies have been updated effective December 20, 2023. We encourage you to review the updated policies.

請注意，我們的隱私權政策、使用條款、Cookie 和未出售我的個人資訊政策已更新，並於 2023 年 12 月 20 日生效。

CoinDesk is an independent operating subsidiary of Digital Currency Group, which helps to support CoinDesk's work through its investment in CoinDesk, Inc. CoinDesk was acquired Bullish, Block.one; both companies have interests

CoinDesk 是數位貨幣集團的獨立營運子公司，該集團透過投資 CoinDesk, Inc 來幫助支持 CoinDesk 的工作。兩家公司都有利益

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Oliver Knight 是往返倫敦和里斯本的 CoinDesk 記者。他不擁有任何加密貨幣。