Scan to Download Gate App
qrCode
More Download Options
Don't remind me again today

The gold overbought finally yielded profits, and with this move, Bitcoin prices showed stronger signs of recovery, reaching a new two-week high. Gold has been in an aggressive uptrend since February of last year and has experienced two distinct periods of digestion, both of which were bull flag formations. With these formations, Bitcoin prices rose to 105,000 and 120,000 points. Currently, the 105,000 level remains a key support, and if we see further consolidation in gold, the BTC/USD pair could benefit from anti-fiat flows into a less overbought market.



I explored this a few weeks ago, presenting Bitcoin as an alternative to gold and using the two previous gold digestion periods as examples.$BTC #AreYouBullishOrBearishToday? #OctoberMarketPrediction #SpotETFApprovalUpdates #CryptoMarketWatch #OctoberRateCutForecast
BTC-1.42%
post-image
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate App
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)