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Bitcoin is outperforming gold, the Nasdaq 100 index, the S&P 500 and other major asset classes just when it matters most.
The cryptocurrency’s price has surged 26% this month, according to CoinDesk data, and was recently around $79,200. Gold, meanwhile, has gained 13.8%, with the Nasdaq 100 and S&P 500 indexes adding 4.8% and 3.2%, respectively. Both hard assets lagged early this year but are now climbing faster than stocks, which are already at record highs after a strong run so far in 2026.
More importantly, TradingView data shows BTC’s 30-day correlation with gold has climbed to +0.81, indicating a strong tendency for the two to move in tandem. In contrast, its relationship with the Dollar Index has deepened to -0.86, a sign it’s moved in the opposite direction to the greenback. At the same time, BTC’s link with the Nasdaq has weakened.
The price outperformance, coupled with the positive correlation with gold and negative correlation with the DXY, underscores bitcoin’s appeal as a store of value and a hedge against fiscal and monetary imprudence.
Concerns about the U.S. fiscal situation recently pushed longer-duration Treasury yields, which influence borrowing costs across the economy, to their highest since 2007. Last week, the U.S. Treasury announced a bond buyback plan aimed at taming yields, an approach best described as kicking the can down the road that falls short of taking real steps, such as curbing spending.
As a result, expectations have built in the marketplace that the Fed will have to intervene and buy truckloads of bonds to cap yields. Friday’s speech by Fed Chair Kevin Warsh at the Jackson Hole Symposium will be closely watched for clues on whether the central bank is open to coordinating with the Treasury or is concerned about losing its independence.
Traders will be listening out for Warsh’s comments on inflation and interest rates. However, his preference for minimal forward guidance makes any major announcement unlikely.
Stay alert!
Read more: For analysis of today's activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead."
The chart shows bitcoin’s daily price swings in candlestick format. The red, white and yellow lines represent 50-, 100- and 200-day simple moving averages.
The 50-day average has moved above the 100-day line, confirming a bullish shift in near-term momentum. More importantly, the 50-day SMA is rising and could soon cross above the 200-day measure to produce a golden cross, a widely tracked indicator of long-term bullish trend.
These patterns suggest continued price rises ahead. The chart also shows the next big resistance is at $82,814, the high reached in May. That said, prices this week prices have repeatedly failed to keep gains above $80,000. This indicates potential for a deeper pullback before the next leg higher.