随着加密货币继续处于看跌阶段，比特币与黄金脱钩

另一项技术指标表明，加密货币市场可能会面临更艰难的时期。

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.

最近几周，随着加密货币继续处于看跌阶段，比特币价格已与黄金脱钩，而贵金属在更广泛的避险情绪中创下历史新高。

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

另一项技术指标表明，加密货币市场可能会面临更艰难的时期。

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.

在当前规避风险的环境下，投资者似乎更青睐黄金等传统避险资产，而不是比特币（BTC）。根据链上分析公司 CryptoQuant 的数据，这两种资产之间的相关性最近已变得相当负面。

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，金价一直推升至每盎司 2,500 美元以上的新纪录高位，而比特币则一直在下跌，目前比 3 月份以来的历史高点 (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.

与此同时，美国股市也陷入困境，标准普尔 500 指数自 8 月 30 日以来下跌 3.6%。但近几个月来，比特币的价格表现与股市出现分化，加密货币价格对美联储货币政策的敏感度较低，经济数据。

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.

尽管如此，CryptoQuant 的牛熊市场周期指标自 8 月 27 日以来一直处于熊市阶段，当时 BTC 的交易价格为 62,000 美元。该指标现在表明熊市可能会持续。

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.

据 CryptoQuant 称，另一个技术指标 MVRV（市场价值与实现价值）比率自 8 月 26 日以来也一直低于 365 天移动平均线，这表明价格可能会进一步调整。 MVRV 比率跌破移动平均线此前是 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，比特币价格的下跌也伴随着美元指数的下跌，这是更广泛的风险厌恶和不确定性的另一个指标。美元指数周一下跌0.2%。

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

这个故事的编辑是为了纠正比特币和黄金之间相关性的方向性，这种相关性是相当负面的，而不是相当积极的。

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.

编辑（2023 年 12 月 13 日 – 世界标准时间 10:30）：本文已更新，以澄清 Block, Inc. 以前称为 Square, Inc.，并注意 Bullish 是独立于 Block, Inc. 或 Blockstream 的实体。 Block, Inc. 是 Blockstream 的早期投资者，但 Blockstream 后来于 2023 年从 Block, Inc. 手中收购了 Bullish。

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

该副本现在还指出，Block, Inc. 和 Bullish 都对 CoinDesk 的运营实体拥有利益，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.

请注意，我们的隐私政策、使用条款、Cookie 和不出售我的个人信息政策已更新，并于 2023 年 12 月 20 日生效。我们鼓励您查看更新后的政策。

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 是数字货币集团的独立运营子公司，该集团通过投资 CoinDesk, Inc 来帮助支持 CoinDesk 的工作。CoinDesk 被 Bullish、Block.one 收购；两家公司都有利益

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

Oliver Knight 是一名往返于伦敦和里斯本的 CoinDesk 记者。他不拥有任何加密货币。