Copper-to-gold ratio clears 200D as BTC tests $79k–$82k
The copper-to-gold ratio has broken above its 200-day moving average for the first meaningful time since September 2020, rising to 0.00142. Copper is cited around $6.65/lb and gold near $4,700/oz.
For traders, the copper-to-gold ratio is a macro proxy for risk appetite. In past cycles (2013, 2017, 2021), similar surges often marked early phases of Bitcoin strength. The article also notes that BTC’s correlation with the copper-to-gold ratio has rebounded sharply from near -1.0; the latest 20-day correlation is about -0.11.
New update in the later report: the signal coincides with a CryptoQuant reading that flipped bullish on May 12 for the first time since March 2023, preceding BTC’s move from roughly $20,000 to above $73,000 by April 2024.
BTC is currently trading in a technical test zone of $79,000–$82,000. Key resistance is flagged at $82,000–$83,000 and support near $77,500. Still, the article warns that correlation is not causation and macro signals can produce false breakouts, especially if ETF flows and regulation dynamics dominate.
Bullish
The copper-to-gold ratio breaking above its 200-day moving average is framed as a historical risk-on setup that has often preceded major BTC uptrends by weeks to months. The later report adds confirmation from CryptoQuant, which turned bullish on May 12 after a long neutral stretch—supportive of a continuation theme.
Near-term, BTC is testing $79,000–$82,000, with resistance overhead. That makes the move potentially constructive but not guaranteed. The article’s caution about weak/unstable correlation (around -0.11) and the risk of false breakouts means traders should watch for whether ETF flow and regulation-driven demand actually sustains price above the $82,000–$83,000 resistance zone.