Bitcoin may be on the verge of an explosive growth — opinion

Bitcoin is in the same league as gold and silver.
The technical picture implies the sell-off before the strong recovery.

Tanya Abrosimova Independent Analyst

Bitcoin may be on the verge of an explosive upside move, the founder of Hayman Capital Management Kyle Bass believes. He expects the first digital currency to follow the lead of gold and silver on their move to new highs as global money printing policies will force investors to seek alternative tools to protect their capital from inflation.

Last year, Bass suggested that Hong Kong millennials used Bitcoin for the purpose of capital flight. How this asset will serve as a hedge against inflation caused by massive monetary injections.

In a recent tweet he put Bitcoin in the same league as gold and silver:

Silver, Gold, Bitcoin, etc all look to be ready to make explosive moves higher given the sheer amount of money printing going on around the world. Here is a chart or front-month silver going back 10 years.

BTC/USD: Technical picture

Bitcoin was locked in a tight range for too long; however, the bulls woke up and pushed the price of the first digital asset above the local resistance of $9,200 and towards 50-day SMA at $9,350. At the time of writing, BTC/USD is changing hands at $9,400, having gained over 2.6% since the start of the day.

Now the local support is created by the above-mentioned 50-day SMA. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $9,230 ( the middle line of the 1-hour Bollinger Band) and the broken channel resistance at $9,200. The major bearish target is created by psychological $9,000, reinforced by 100-day SMA and the lower line of the daily Bollinger Band.

BTC/USD 1-hour chart

Author

Tanya Abrosimova

Independent Analyst

GBP/USD defends 1.3300 after strong UK PMI data

Following Thursday's sharp decline, GBP/USD clings to small gains above 1.3300 in the American session on Friday, supported by the upbeat UK Retail Sales and July PMI data. Nevertheless, the pair's upside remains capped as investors cling to a cautious stance amid a further escalation of tensions in the Middle East. The US July PMI data failed to trigger relevant price action.

EUR/USD remains below 1.1400 after mixed US PMIs

EUR/USD pressures daily lows below the 1.1400 mark in the American session on Friday. Mixed S&P Global PMIs, as manufacturing output contracted while services activity expanded in July, triggered no relevant market reaction. The focus remains in Middle East developments and inflation-related concerns.

Gold holds above $4,050 but momentum still missing

Gold builds on its modest intraday bounce and climbs above the $4,050 level on Friday, hitting a fresh daily high amid a modest US Dollar pullback. The fundamental backdrop, however, warrants some caution before confirming that the pullback from an over two-week high, touched on Wednesday, has run its course and positioning for any meaningful upside.

Ethereum: Derivatives interest in ETH improves, but signs of caution remain

Ethereum is hovering slightly below the $1,900 level, down 3% on Thursday following a slight expansion in derivatives interest. The top altcoin's open interest has increased to 14.60 million ETH, marking a 600K ETH increase over the past two days and its highest level since June 7.

XRP retreats as ETF interest cools

Ripple (XRP) slides toward the short-term $1.10 support on Friday, as broader crypto market sentiment weighs on crypto assets. The sell-off mainly stems from fears of inflation in the United States (US) amid the ongoing war in the Middle East and rising Oil prices.

US Dollar mid-year outlook: Exceptional currency, exceptional risks?

The US Dollar enters the second half of 2026 in a markedly different position from a year ago. The King currency has recovered, reflecting persistent US inflation, changing expectations for Fed policy, geopolitical tensions and renewed demand for defensive assets.