Bitcoin (BTC) returned to positive territory for the year for the first time in almost two months, approaching $ 95,000 and erasing a drop of as much as 18%.

Its current performance, less than 1.5% since December 31, places it between gold, which has received 24% and NASDAQ 100, which is down over 7%. As a result, the narrative positioning is leaning bitcoin as either a geared tech warehouse or digital gold slightly against the digital gold narrative. But only.

Analysis of Bitcoin’s correlation coefficients over a 30-day sliding average, the largest cryptocurrency at market value now shows a strong correlation of 0.70 with gold and a weaker 0.53 correlation with NASDAQ 100. This suggests that Bitcoin is more close with Gold’s behavior than with techness. Correlation values ​​can run between 1, a strong positive correlation and -1, a strong negative correlation.

Last week, the Bitcoin prize rose 10%, its strongest performance since the week ended November 17 during price driving after President Donald Trump’s election victory.

Meanwhile, Trump’s tariffs continue to give birth to financial uncertainty. US charges on Chinese goods were raised to 145% earlier this month, which led to a significant decline in demand for shipping, according to Bloomberg. As noted in the report, larger retailers like Walmart warn that empty shelves and higher prices could return, reminiscent of the Covid era.