Gold Prices Drop, But Bitcoin Prices Are Still in the Bullish Zone

Both Bitcoin (BTC) and gold are once again in a turbulent volatility that allows them to form new Support and Resistance levels that are likely to continue to hold strong in the near future.

Despite this volatility, Bitcoin is still in a strong market, and analysts now note that gold – and assets often compared to BTC – have faced an increase in downward pressure. But has the poor gold performance lately been good for Bitcoin?

At the time of the press, Bitcoin prices remained stagnant at $11,365, according to CoinGecko.

Over the past week, BTC has formed a consolidation pattern that has explained its current Support and Resistance levels, each of which currently appears to be at the level of $9,800 and $12,000.

Assuming that these levels continue to hold strong, it is very likely that Bitcoin will face increased selling pressure as it approaches $12,000, which is only slightly above the current price level.

Josh Rager, a popular cryptocurrency analyst on Twitter, talked about BTC in his voice explaining that he is leaning towards crypto at this time, because he has been able to turn the previous Resistance level into a Support level ..

Josh Rager said in his speech:

“$BTC looks Bullish: Reversing the Resistance becomes Support right at the close of the 4-hour chart. At the moment, I see Bitcoin retesting the highest local level if it can withstand current Support. This will be very bullish for the possibility of an upward continuation. “

He also said on Twitter that the volatility seen now remains in the bullish zone, if you look at the daily and weekly charts.

Lately, there has been a growing movement to call Bitcoin “digital gold” or “gold 2.0,” but the latest data on the US and global economy has become stronger than anticipated which has made the price of gold fall from the highest level above $1,420 to current price, $1,398.

This decline, which comes amid stronger-than-anticipated employment data, indicates that most of the Gold price action still strongly correlates with data on the state of the US and the global economy.

Although many investors like to regard Bitcoin as a “safe-haven” investment class, the recent rise and current Bullish seems to indicate that price action does not correlate with the global economic situation at all and is likely to continue to move independently in the future. Let’s wait and see.

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