Key takeaways:
- Gold’s ongoing pullback could trigger Bitcoin’s rebound, according to multiple analysts.
- Rallying to $150,000–$165,000 by year’s end is still possible, based on technical analysis.
Bitcoin (BTC) is showing signs of bottoming out as the rally by its analog rival, gold (XAU), is starting to look increasingly overextended.
Bitcoin hints at “generational bottom” as gold dips
Gold’s rally appears to have stalled after hitting an all-time high of around $4,380 per ounce on Friday, given it has dropped 2.90% ever since. Still, the precious metal was up by over 62.25% year-to-date.
Its daily relative strength index (RSI) readings have been persistently above 70 in the past month, indicating that the asset is overbought and risks…more
Source cointelegraph.com
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