Bitcoin Turns Positive Year-to-Date as It Veers Toward Digital Gold Narrative

Bitcoin has a strong positive correlation of 0.70 with gold, distancing itself from tech stocks. It has a 0.53 correlation the with Nasdaq 100.
The BTC price is approaching $95,000 after its best weekly performance since late 2024.
Despite President Trump’s aggressive tariffs on China causing a slowdown in global cargo shipments, bitcoin continues to show resilience against broader economic instability.

Bitcoin (BTC) returned to positive territory for the year for the first time in almost two months, approaching $95,000 and erasing a drop of as much as 18%.

Its current performance, up less 1.5% since Dec. 31, places it between gold, which has gained 24% and the Nasdaq 100, which is down over 7%. As a result, the narrative positioning bitcoin as either a leveraged tech stock or digital gold is leaning slightly toward the digital gold narrative. But only just.