Tanya Abrosimova
Independent Analyst
- Bitcoin's correlation with Gold remains strong.
- BTC/USD is vulnerable to further sell-off towards $9,000.
Bitcoin (BTC) is changing hands at $10,160 after a short-lived dip to 9,853 on Saturday, September 5. The first digital currency has lost nearly 1% of its value in the last 24 hours and has stayed unchanged since the start of the day. Bitcoin's market share improved significantly to 58% from 56.6% on Saturday.
Bitcoin and Gold will benefit from the stock market sell-off
The co-founder of 10T Holdings и Gold Bullion International, Dan Tapiero, believes that the stock market might be vulnerable to the sell-off due to the excessive optimism among retails investors; however, the decline would not affect Gold and Bitcoin.
Unfortunately, most worrying data points have been seen in a while for #StockMarket from a short term perspective. Certainly, an extreme of epic proportions hit on this indicator. Does not seem to be something that can be corrected in just a few days. #Gold and #BTC should hold up.
Notably, the correlation between Gold and Bitcoin nearly doubled from May to August and settled at 0.837.
BTC/USD: The technical picture
From the technical point of view, BTC/USD settled below the daily SMA50 and the upside trend line from the March 13 low of $3,886. As the price stays under this technically important barrier, the chances are that it will dive under $10,00 and retest $9,000 before the upside momentum is resumed. The daily SMA200 reinforces the support area and creates a precondition for a rebound.
Meanwhile, a sustainable move above the broken trend line locate don approach to $11,000 will negate the bearish scenario and allow for an extended recovery towards $12,000.
On the upside, we will need to see a sustainable move above $11,000 will improve the immediate technical picture and allow for an extended recovery for the next resistance of $12,000.
BTC/USD daily chart
-637350061237002268.png)
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?