Bitcoin’s 90-day correlation with gold is nearing a record high, but the two assets have recently produced different returns, Coinbase Institutional said. Bitcoin rose while gold fell over the past month, indicating that similar correlations do not guarantee similar performance and that marginal demand favored Bitcoin despite higher interest rates. Coinbase Institutional also said Bitcoin’s 90-day correlation with gold and its beta to the Nasdaq 100 declined. Separately, Wintermute said Bitcoin closed above its 50-week moving average last week for the first time since November 2025. The market maker identified $82,500 as a critical level because it marks the upper boundary of the previous consolidation range. Several short-term tests of that level are possible, Wintermute said, while a sustained close above it could support a more durable breakout. A close below $82,500 would raise questions about the move’s validity. Wintermute also noted that risky assets remained strong last week even as the U.S. 10-year Treasury yield exceeded 5%, its highest level since 2007.