Bitcoin challenges surging gold: Top 5 key insights of the week to anticipate a price rally
Bitcoin is nearing $90,000 as gold and silver hit new all-time highs amid market instability in Japan, sparking concerns of a BTC correction.
Bitcoin is nearing $90,000 as gold and silver hit new all-time highs amid market instability in Japan, sparking concerns of a BTC correction.
BTC is struggling to maintain its level around $90,000 as analysts issue multiple warnings about a potential bearish breakdown. On-chain data reveals a gradual decline in buying pressure, while trading volumes remain relatively low for such a price level. This momentum weakness concerns traders who are closely watching the psychological support at $88,000.

Implied volatility on Bitcoin options has surged by 15% this week, reflecting growing nervousness among market participants. Whales are quietly accumulating, but flows to exchanges are increasing, a potential sign of imminent profit-taking. The daily RSI displays a bearish divergence that hasn’t escaped technical traders.
Traditional correlations between Bitcoin and stock indices are gradually weakening. BTC appears to be hesitating between its status as a risk asset and that of an emerging safe haven, oscillating according to macro events.
Gold has reached a new all-time high at $2,850 per ounce, while silver has surpassed $34, its highest level since 2012. This surge in precious metals reflects a widespread flight to safe-haven assets, fueled by growing instability in Asian markets and persistent geopolitical tensions.
The Japanese yen is experiencing considerable pressure against the US dollar, causing turbulence on the Nikkei, which has lost 4.2% over three sessions. This instability in the Japanese market revives memories of last August’s flash crash and concerns international investors. Asian central banks are intervening massively to stabilize their respective currencies.
The comparison between Bitcoin and gold becomes particularly relevant in this context. While gold benefits from its millennial status as a safe haven, Bitcoin is still seeking to prove its resilience during major systemic crises. The BTC/gold ratio currently stands at 31.5, far from its 2021 peak of 35.8.
US inflation data expected on Wednesday will constitute the first major test for Bitcoin. A CPI reading above expectations could strengthen anticipations of the Fed maintaining high interest rates, weighing on risk assets. Markets are anticipating stabilization around 2.9% on an annual basis.
The Bank of Japan’s meeting on Thursday represents the most closely watched event of the week. Any indication of monetary tightening could trigger a new wave of volatility across global markets. Liquidity flows from the yen to Bitcoin remain an underestimated factor in the bullish momentum of 2024.
The settlement of Bitcoin futures contracts on Friday with $2.8 billion in open interest could generate sharp movements. Traders are already positioning their hedges accordingly, with the put/call ratio climbing to 0.67.
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Gaston has been a writer for over 7 years and a passionate cryptocurrency enthusiast since 2020. He loves exploring the crypto ecosystem and is now dedicated to sharing his insights and discoveries through InvestX.
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