The ratio has climbed above its 200-day moving average for the first time meaningfully since September 2020, a move that has historically preceded major bitcoin rallies. The copper-to-gold ratio has risen 25% from its lows and historically leads bitcoin by weeks to months, reinforcing the view that the current crypto rally may still be in its early stages. Although the correlation between bitcoin and the ratio remains slightly negative at -0.11, it has rebounded sharply from almost -1.00, sugge…
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