Late May relief rally

Bitcoin spent most of last week oscillating around $29,000 but has seen promising price action over the weekend, pushing above $31,500 for the first time since the May 12th crash, seeing a 9% gain over the last seven days.

While BTC rested around $29,000 last week, both ETH and BNB saw a slight sell-off into the midweek. Both coins have recovered their midweek losses on the backdrop of the strength in BTC over the last few days but sit in the same price range as last week.

We’re possibly seeing some early signs of decoupling in the market. The ETHBTC correlation has started to trend downwards, and last week’s recovery in U.S. equities was not reflected in the crypto market, leading the 30-day correlation between BTC and U.S. equities to decline to late April levels.

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