Bitcoin Price Takes Close to $69K as Gold Rush Hovers Markets
Bitcoin (BTC) retreated to $69,000 after the April 12 Wall Street open as gold left BTC price action in the dust.
The price of BTC will fire gold rockets to higher levels
Data from Cointelegraph Markets Pro and TradingView showed an underperformance in BTC/USD over the weekend.
Despite low outflows from Greyscale Bitcoin Trust (GBTC), Bitcoin was not at all bullish as the tender liquid ate below $70,000.
“Coinbase is responsible for this dip, in Bitcoin price -$70 compared to Binance,” JA Maartunn, on-chain analytics platform CryptoQuant, responded in a post on X.
Martin cited Bitcoin's premium fluctuating position on major exchanges.
Risk asset gains were limited to gold, which hit a record high of $2,431 on the day.
US stocks were sidelined by Bitcoin, with both the S&P 500 and Nasdaq 100 indexes down 1% at the time of writing.
Gold is among the market's wealth concerns some analytical sources, with Kobeisi's letter viewing the macroeconomic landscape as otherwise favorable for a fall in gold prices.
“Every single factor that historically led to low gold prices is happening now. Except for 2 key factors, central banks are hoarding gold and geopolitical tensions are rising,” said X’s post section.
“When gold behaves so strangely, it leads you to a key question: Does anyone know anything?”
Bitcoin creates a “clear restocking zone.”
Now, after several weeks in a narrow range, BTC/USD has had little news for traders in the short term, and attention has increasingly focused on the upcoming block subsidy halving as a source of volatility.
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For prominent trader and analyst Rect Capital, a “regrouping phase” was now underway.
In the X post, he wrote, “As seen historically, Bitcoin is developing a clear retracement zone leading to Halving.”
“This is the range that Bitcoin can climb out of in the weeks after the decline.”
Earlier, Cointelegraph reported continued consolidation around previous all-time highs for Bitcoin, similar to previous macro breakout events.
Rect Capital, for its part, added in a note that restocking could take up to five months.
“Many investors at this stage are left reeling the day after the halving due to boredom, impatience and frustration with not seeing significant results on their BTC investments,” he said.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
