Digital gold up (BTC), spot gold down (XAU)

  • Bitcoin has surged above $43,000, maintaining positive momentum for five consecutive days, resulting in a 15% increase.
  • Traditional gold has experienced a significant retreat from its all-time highs, with a drop of over $100, facing challenges in staging a convincing rebound due to the renewed strength of the US dollar.

Bitcoin, often referred to as digital gold, has surged again, extending above $43,000. The crypto has maintained its positive momentum for five consecutive days now, marking a 15% increase over this period. At present, the price hovers around $43,300, after pulling back from a recent high of $44,011. 

From a technical perspective, bitcoin has surpassed the 50% level between its 2021 all-time high of $69,000 and 2022 low of $18,000 (at $42,240). Sustaining this position above the midpoint strengthens the bullish case and helps the prevailing sentiment that the upward trajectory will likely persist. 

Over in “real” gold; the commodity has faced a significant retreat from its all-time highs, witnessing a drop of over $100. Despite some technical indicators signalling oversold conditions, gold’s struggle to stage a convincing rebound due to the renewed strength of the US dollar. A break below the $2010 level could intensify bearish pressure, exposing $2,000, $1,995 and $1,985. 

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