Bitcoin drop back below $11,000 support, after a failed attemp to pass above the Tenkan-Sen line ($11,606.46) previous session. Thursday's recovery proved to be short-lived as BTCUSD dropped over 5% in recent 24 hours. The most popular digital coin touched the intraday low of $10,808.37 before recovering to $10,908.35 (09:08 UTC).
Hand in hand with gold
Bitcoin becomes more correlated with traditional safe-haven assets like gold, Mati Greenspan, the senior market analyst of eToro, points out.
"Even though the correlations are still rather small, it does seem like bitcoin is becoming more integrated with the rest of the financial markets. It seems like bitcoin is finally starting to respond to external factors," he wrote on his Twitter.
Bitcoin and gold have been moving in close lockstep over the recent month, while the correlation reaches the highest level since 2016, the expert added.
BTCUSD is trap between the Tenkan-Sen now at $11,606.46 and Kijun-Sen line of $10,747.32. Price need to push above the Tenkan-Sen for upside to gain traction with the next psychological target of $12,000 and $12,500.
On the downside, the initial support is the Kijun-Sen level, below there comes the $10,200 where the Fibonacci 38.2% is.