Bitcoin inverse correlation with gold was clear to see

The one significant price action take away that unfolded yesterday was the inverse correlation between gold and Bitcoin. The lead cryptocurrency came under significant pressure yesterday, at the same time as gold rose to fresh 2022 highs above $1974. Bitcoin fell back to session lows underneath 34,500. However, as gold then fell back sharply, BTC went in the opposite direction and lifted all the way back above 39k at once stage very late in the US session. This was clearly all about risk reversal and the switch out of one haven giving rise to demand for one that is clearly not a haven at all. Hence, as gold fell almost $100, Bitcoin rose over $5000. Bitcoin rose from an earlier session low, at 34,337, to as high as 39,693. It has backed down somewhat so far today as gold now rebounds. The range seen today has been covered by 37,783 to 39,783. It is currently trading at 38,575