just like bitcoin Although gold prices appear to be building momentum above $80,000, macro uncertainty is once again acting as a headwind.
The most dramatic development came from the Pentagon, which told U.S. lawmakers in a confidential briefing that clearing the Strait of Hormuz, a major oil chokepoint, could take at least six months and that the process could only begin after the U.S.-Iran conflict ends. The briefing also warned that gasoline and oil prices could remain high during the midterm elections, The Washington Post reported.
Persistently high energy costs could cause inflation to remain sticky, leaving the Fed with limited room to cut interest rates, which is a negative backdrop for risk assets. Bitcoin, in particular, remains highly sensitive to interest rates and global liquidity conditions rather than actual economic activity. Rising costs for necessities such as fuel and food may also reduce investors’ willingness to allocate capital to speculative assets.
These risks have already manifested themselves in the market. WTI crude oil has climbed to around $95 from $79 late last week, while government bond yields in major economies are rising. The U.S. 10-year Treasury bond yield rose 8 basis points this week to 4.32%, and the British 10-year Treasury bond yield rose 18 basis points to 4.96%.
“Oil prices have risen alongside yields and volatility spreads have widened, pointing to tighter financial conditions and increased market risks,” said Michael Cramer, founder and CEO of Mott Capital Management.
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Speaking of key indicators, U.S.-listed spot Bitcoin ETFs continue to show sustained demand, with funds seeing their fastest inflows in a month, according to the seven-day moving average of net flows tracked by Glassnode.
Still, some analysts urged caution, arguing the rally lacked broad support in the physical market.
Julio Moreno, head of research at CryptoQuant, said on
The market capitalization of USDT, the largest U.S. dollar-pegged stablecoin, has hit an all-time high of $188.88 billion. At the same time, speculation in non-serious tokens, e.g. is reaching fever pitch and is overcrowded with bullish bets. Stay alert!
Read more: For analysis of today’s altcoin and derivatives activity, see Today’s Cryptocurrency Market. For a complete list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
what is trend
today’s signal
This chart shows the fluctuations in the ratio between Bitcoin price and gold, displayed in a candlestick format. The red line represents the 50-day moving average, the white line represents the 100-day moving average, and the yellow line represents the 200-day moving average.
The ratio has been rising steadily and is now above the 100-day average. What’s more, the 50-day EMA may soon break above the 100-day EMA, confirming a bullish crossover. As the name suggests, it signals a shift in bullish momentum.
This means that Bitcoin will continue to outperform gold relative to gold.
