Bitcoin tries to get closer to $30,000 again

In the middle of this week, Bitcoin found a local bottom at $27,274. However, already on Thursday, BTC consolidated and rebounded above $29,000.

On the night of Friday, April 28, the largest digital currency rose to $29,500. It is trying to break the resistance around $30,000 and transform this mark into a support zone.

The Kaiko platform points to an increase in the correlation between Bitcoin and gold. The dependence of cryptocurrency on the precious metal has been growing since the beginning of March, analysts emphasized.

They are positive about the strengthening of the correlation of the two instruments, as once again investors begin to consider bitcoin as a safe-haven asset.

The banking crisis and the risks of global and large-scale financial shocks scare traders around the world. That is why the demand for precious metals and alternative instruments such as digital assets is growing.

The correlation index of bitcoin and gold for the month reached 57% – this is the maximum value over the past two years, Kaiko experts emphasized.

During periods of economic instability, the demand for the safest instruments always increases.

Back in the fall of 2021, economist Mikhail Delyagin said that turmoil in the banking sector and geopolitical risks create the conditions for a rally in BTC and the precious metal.

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