Bitcoin Upside Bias Gets Stronger as Safe-Haven Appeal Picks Up

Bitcoin Upside Bias Gets Stronger as Safe-Haven Appeal Picks Up

Bitcoin’s (BTC/USD) appeal as a hard asset is waxing stronger by the day. The cryptocurrency appears to have formed a correlation with gold, silver, and other traditional safe-haven assets. As a result, Bitcoin has been losing its ties with the equities markets, which speaks volumes of the benchmark cryptocurrency’s budding stability.

Analysts believe that this shift in correlation will precipitate a strong bullish trend in the coming days and weeks.

This is also coming when gold recently broke above the $2,000/oz price tag, recording a never before seen all-time high. With the recent bullishness seen in Bitcoin, analysts expect a revisit of the previous all-time high of $20,000.

Bitcoin Budding Strength in Correlation With Gold

At press time, Bitcoin is trading at $11,800 (+5.3%) on the day. It has been in a strong bullish trend since its bounce from the $9,200 support two weeks ago.

The rally from that point was a long and arduous process for Bitcoin, indicating that this growth is completely organic and sustainable compared to most times in the past, giving it a solid foundation to build on for its next parabolic action.

One of the key factors bolstering the cryptocurrency’s bullish momentum is its growing appeal as a hard asset.

BTCUSD – 4-Hour Chart

Bitcoin Price Levels to Watch

BTC appears well-positioned to break the $12,000-500 and set a new year high soon. Based on the indication from our 4-hour MACD indicator, it is clear that a surge is imminent to take BTC to the aforementioned levels.

The immediate hurdle is the $12,100, followed by the 12,350 resistance, and, subsequently, the 12,500 level.

A sustained decline from this level seems very unlikely, however, immediate support can be found at the 11,283 level (50HMA).

Total Market Capital: $356.6 billion

Bitcoin Market Capital: $217 billion

Bitcoin Dominance: 60.9%

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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