Veteran Trader Peter Brandt Weighs in on Bitcoin's Dominance over Gold
Peter Brandt's Analysis:
- Bitcoin has been performing well compared to gold but has not surpassed its 2021 highs.
- Despite reaching $73,750 in March 2024, Bitcoin has not reclaimed its previous peak against gold.
- Brandt emphasized the need for new highs in Bitcoin to confirm a bull trend.
Bitcoin vs. Gold Performance:
- Bitcoin has been outperforming gold recently, reflecting growing investor confidence in its long-term value.
- A BTC/gold chart by Brandt shows Bitcoin's progress in gaining ground against gold.
Current Bitcoin Status:
- At the time of writing, Bitcoin was down 0.4% in the last 24 hours, priced at $67,670.
ETF News:
- BlackRock's iShares Bitcoin Trust has become the world's largest fund for Bitcoin, with around $20 billion in assets since its listing this year.
- The ETF surpassed Grayscale Bitcoin Trust in total assets, holding $19.68 billion worth of the token.
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Technical Analysis for
Technical Sentiment Analysis for () As of , () is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 0 technical signals, shows that 0 indicators are flashing buy, while 0 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
() Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | - | - | - | - | - | - | - |
| Fibonacci | - | - | - | - | - | - | - |
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