Bitcoin Following Gold’s Footsteps? Analyst Sets Mid-Term Target At $155,000
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing Strict editorial policy that focuses on accuracy, relevance, and impartiality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español. As gold continues to set new all-time highs (ATH) – trading at $3,333 per ounce at the time of writing – Bitcoin (BTC) has seen more subdued price action, consolidating in the mid-$80,000 range. However, analysts suggest that the top digital asset may soon mirror gold’s recent momentum. Bitcoin Set To Follow Gold’s Momentum? In a recent post on X, crypto trading account Cryptollica hinted that BTC may be poised to replicate gold’s historic price movement seen over the past few months. The account shared the following chart, highlighting the striking similarities between the price actions of gold and BTC. Source: Cryptollica on X The chart shows both gold and BTC forming a macro-bottom around early 2023, followed by a rejection at the range top in early 2024. Gold eventually broke out in the following months, while BTC lagged slightly, breaking out around November 2024. Related Reading According to Cryptollica, BTC now appears to be breaking out of a consolidatory wedge pattern, with a potential mid-term target as high as $155,000. Currently, Bitcoin’s ATH stands at $108,786, recorded earlier this year in January. BTC is also likely to benefit from several favorable macroeconomic trends. For example, the global M2 money supply is expected to increase in 2025, a development that typically supports risk-on assets like Bitcoin. BTC Maturing As A Safe Haven Asset Beyond technical chart patterns, BTC has demonstrated remarkable resilience amid escalating global tariff-induced uncertainty. According to the latest The Week On-Chain report, both gold and BTC have performed well during the ongoing tariff war. The report notes: Amidst this turmoil, the performance of hard assets remains remarkably impressive. Gold continues to surge higher, having reached a new ATH of $3,300, as investors flee to the traditional safe haven asset. Bitcoin sold off to $75k initially alongside risk assets, but has since recovered the week’s gains, trading back up to $85k, now flat since this burst of volatility. The report also mentions that BTC recently experienced its largest price correction of the 2023–25 cycle, a -33% drawdown from its ATH earlier this year. However, this correction remains relatively modest compared to those seen in previous market cycles. Related Reading The following chart illustrates BTC bull market correction drawdowns since 2011. As shown, the recent -33% correction is the shallowest among past cycles, with the deepest being -72% during the 2012–14 bull market. Source: Glassnode While BTC continues to show signs of maturing as a reliable asset during times of geopolitical uncertainty, institutional investors appear to be taking profits. This is evidenced by recent outflows from Bitcoin exchange-traded funds (ETFs). At press time, BTC is trading at $84,694, up 0.7% in the past 24 hours. BTC trades at $84,694 on the daily chart | Source: BTCUSDT on TradingView.com Featured image from Unsplash, charts from X, Glassnode, and Tradingview.com
Bitcoin ETFs Lose Over $800M in April as Institutions Stick with Bonds Amid Tariff Volatility
‘Sell bonds, buy bitcoin,’ proclaimed a popular social media account last week, echoing the sentiments of many crypto advocates who believe that tariff-induced volatility in the U.S. Treasury market – a cornerstone of global finance – has revealed the fragility of the dollar-denominated monetary system. However, institutions are not buying into this narrative. As of Monday, the 11 U.S.-listed spot Bitcoin ETFs, considered a proxy for institutional activity, were on track to register the second-highest cumulative monthly outflow of over $800 million, according to data source SoSoValue. The funds bled a record $3.56 billion in February and $767 million in March. Meanwhile, the three-month Treasury bills auctioned Monday drew strong demand from institutions. According to data source CME, the U.S. Treasury sold $80 billion in three-month bills at an interest rate of 4.225%, up from the previous 4.175%. Similarly, it sold $68 billion in six-month bills at a slightly higher-than-previous interest rate of 4.06%. However, the bid-to-cover ratio, representing the number of bids received relative to the number of bids accepted, for the three-month bills rose to 2.96 from 2.82. In other words, for every three-month bill offered, nearly 3x more bids were received. The ratio for the six-month bills rose marginally to 2.90 from 2.79. The strong uptake indicates that institutions still view the U.S. debt as a haven. The T-bills are highly liquid and considered low-risk, making them the preferred choice for collateral in the repo (repurchase agreement) market. In a repo transaction, one party sells T-bills or other securities to another, agreeing to repurchase them later, allowing the seller to access short-term funding. Institutions typically park money in T-bills when the economic outlook is uncertain, calling for flexibility in investments rather than commitment to long-term positions. President Donald Trump’s full-blown trade war against China and other major trading partners has ratcheted uncertainty to such an extent that there is the possibility of a sudden blackout in corporate earnings guidance on Wall Street. According to Inc , BofA’s 3-month guidance ratio — which tracks the number of companies above versus below consensus guidance — has fallen to 0.4x, its weakest since April 2020 and below its historical average of 0.8x. Meanwhile, the U.S. recession odds have increased above 50% on betting platforms, with elevated Japanese bond yields further complicating matters for risk assets.
Bitfinex Whale Activity Increases As Bitcoin Approaches $100k—Further Surge Ahead?
Este artículo también está disponible en español. Following a lackluster performance in recent weeks, Bitcoin appears to be seeing a steady recovery with its price now approaching the $100,000 price mark. Particularly, so far, BTC has managed to regain some of the losses shedded in recent weeks with its price now hovering above $98,000, marking a 2.6% increase in the past 7 days. Alongside this price movement, new data have emerged highlighting significant activity among large holders on exchanges, suggesting a shift in market dynamics. Related Reading Bitfinex Whales Show Increased Activity A CryptoQuant analyst known as Mignolet has recently shared a detailed outlook on exchange whales and their influence on the current price action in Bitcoin. Mignolet’s observations focus on leverage ratios across major trading platforms. According to his analysis, the “all exchange leverage ratio” is at an all-time high. Bitcoin estimated leverage ratio on all exchanges. | Source: CryptoQuant This measure, which captures the amount of leverage being used on exchanges, reflects heightened activity that could precede significant price moves. Interestingly, while Binance has seen its leverage ratio drop back to levels last seen during last year’s consolidation phase, Bitfinex tells a different story. On Bitfinex, leverage ratios have surged sharply, aligning with a rise in open interest. Mignolet highlights that this activity points to a sudden increase in whale movements within the ongoing consolidation range. While these leverage ratios alone don’t guarantee a specific price direction, the sharp uptick on Bitfinex suggests a shift in market dynamics that bears watching. According to the CryptoQuant analyst, the question now is: What are these whales aiming for? Mignolet’s analysis stops short of providing a definitive answer, but it raises the possibility of a major price shift soon. With Bitcoin’s price holding steady above $98,000, the actions of these large-scale traders could influence whether the market breaks higher or retreats back into a more extended consolidation phase. Bitcoin Encounters Potential Strong Support Zone Meanwhile, Bitcoin has continued to inch closer to the six-digit price mark which it recently fell below in the previous week. Although the asset is still roughly an 8.7% decrease away from its all-time high (ATH) above $109,000 established in January, it has managed to see an uptick in price in the past few days. BTC price is moving upwards on the 2-hour chart. Source: BTC/USDT on TradingView.com At the time of writing, Bitcoin trades at $98,091 marking a 1.2% increase in price over the past day. According to data from IntoTheBlock, the asset appears to be seeing a formation of a “massive demand zone just below the current price.” IntoTheBlock highlighted that should the market face further downward pressure around this area, the zone may act as strong support. A massive demand zone has formed just below the current price👇 On-chain data indicates that 2.76 million addresses acquired a total of 2.1 million $BTC at an average price of 97.1k, highlighting significant buying interest at this level. If the market faces further downward… pic.twitter.com/ANm1kkXMtE — IntoTheBlock (@intotheblock) February 21, 2025 Featured image created with DALL-E, Chart from TradingView
Bitcoin ETFs Get $2 Million Boost From National Bank Of Canada
They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley! So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better. Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one. Source link