After the opening of the Wall Street market on April 12, Bitcoin (BTC) pulled back towards $69,000, while the price movement of gold took a different direction and outpaced Bitcoin’s action.
BTC price burns longs as gold rockets to all-time highs
The data from CryptoMoon Markets Pro and TradingView indicated that Bitcoin’s price against the US Dollar failed to impress towards the end of the week.
Although the Grayscale Bitcoin Trust (GBTC) experienced decreased withdrawals, Bitcoin’s price showed no signs of positivity as bids were absorbed beneath $70,000.
“According to J.A. Maartunn’s post on X (previously known as Twitter), the price difference of $70 between Bitcoin on Coinbase and Binance is due to Coinbase’s actions.”
Maartunn referred to the varying spot Bitcoin premiums on major exchanges.
On that particular day, gold was the only risky asset that saw significant gains, reaching a new peak price of $2,431 per ounce.
At present, the US stock markets, specifically the S&P 500 and Nasdaq 100 indexes, have mirrored Bitcoin’s trend, experiencing losses approximately 1%.
Some analysts at The Kobeissi Letter found gold to be an unusual exception, as they believed the larger economic picture was actually working against the price of gold, potentially leading it to decrease.
“All the historical conditions that typically cause gold prices to decrease are presently in effect, with the exception of two crucial factors: central banks are amassing gold, and geopolitical unrest is escalating at an unprecedented rate.”
“When gold is behaving so strangely, it leads you to one key question: Does someone know something?”
Bitcoin forms “clear re-accumulation range”
For several weeks now, the BTC/USD pair experienced a quiet period with minimal news affecting short-term traders. However, the anticipation grew among them as they kept a close eye on the upcoming block reward halving event, which held the potential to cause price fluctuations.
For popular trader and analyst Rekt Capital, a “re-accumulation phase” was now in progress.
In the past, as Bitcoins history shows, a distinct zone for buying back or accumulating Bitcoins is emerging prior to the upcoming halving event.
“This is the range Bitcoin would likely breakout from weeks after the Halving.”
Previously, CryptoMoon shared that Bitcoin had been consolidating near its old record highs, a pattern typical of past major price surges.
In an upcoming message, Rekt Capital mentioned that the process of buying back assets, known as re-accumulation, could carry on for as long as five months.
“During this phase, numerous investors may sell off their Bitcoin due to boredom, impatience, or dissatisfaction with minimal returns following Bitcoin’s halving event,” he pointed out.
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2024-04-12 19:08