Bitcoin’s price continues to trade between $107,000 and $113,000 at September’s start as volatility drops. Meanwhile, gold is trading near record highs, putting the correlation between the two assets into spotlight.
Maartunn, a community analyst at CryptoQuant, observed that Bitcoin has now decoupled from gold in a recent tweet.
But… Bitcoin is lagging.
For the first time in over 6 months (since Feb 2025), the correlation between BTC and Gold just turned negative 📉
Safe haven narrative diverging. https://t.co/ZQ5EoqhOvR pic.twitter.com/5CtqhWecaK
— Maartunn (@JA_Maartun) September 4, 2025
According to Maartunn, for the first time in over six months (since February 2025), the correlation between BTC and gold has just turned negative. The analyst suggests that this shift might imply a divergence in the safe haven narrative.
Bitcoin staged a rebound from a low of $107,250 on Sept. 1, rising for three days at a stretch to reach a high of $112,600 on Wednesday before retreating.
At the time of writing, Bitcoin was trading down 0.7% in the last 24 hours to $110,578. Spot gold traded slightly above $3,500 after surpassing that level previously for the first time.
Markets await next move
As the Bitcoin price consolidates, markets target their next move with clues on Fed’s interest rate positioning awaited from the upcoming September meeting scheduled for the 16th and 17th.
In the latest economic data release, private payrolls rose by only 54,000 in August, below the expected 75,000 polled by Dow Jones economists, which marks a drop from an increase of 106,000 seen in the past month.
Jobless claims increased to 237,000, up 8,000 from the prior week and above estimates, offering further evidence of a labor market slowdown. Following this, investors will focus their attention on Friday’s big jobs report.
Labor market concerns have prompted traders to build on bets that the Federal Reserve might cut rates at its meeting later this month, with the odds now reaching 97.4%.