More

    Bitcoin Rallying Hard, Gold Rallying Hard – Not a Coincidence

    “When price and volume rise together (like they are now), it is incredible bullish.”

    • Bitcoin price jumps to almost $8,470 with strong volume after Iran fired a dozen missiles at US bases in Iraq
    • “A very classic risk off,” as both gold and bitcoin price jump
    • Bitcoin’s re-accumulation bottom completed, $10,400 coming?

    This week Bitcoin is making a lot of movement that has us at the level we were at in mid-Nov.

    First, on Jan 3rd, Bitcoin jumped from $6,850 to well above $7,400. Now today we shot past $8,000 to nearly $8,470.

    The first surge in price has been after a US airstrike killed Iran’s general Qaseem Soleimani. Now, this another jump in price came after Iran’s missile attack on US-led forces in Iraq on early Wednesday. This attack came hours after the funeral of the Iranian commander whose killing in a US drone strike has raised fears of conflict in the Middle East.

    Source: @Travis_Kling

    Gold and Digital Gold in “Clear Focus”

    This has the price of gold soaring, hitting their highest since March 2013 at $1,603.73 per ounce, as per goldprice.org. “It's a very classic risk off,” said Rob Carnell, Asia-Pacific chief economist at ING in Singapore.

    As Mati Greenspan, founder of Quantum Economics says, “Gold rallying hard. Bitcoin rallying hard” is not a coincidence.

    The jump in the price of gold and digital gold is viewed by investors as a safer asset in the time of political and economic uncertainty.

    The data clearly points out that both Bitcoin and gold are in “clear focus” as tensions between the US and Iran escalate. As Bitcoin enthusiast Rhythm trader notes,

    “This is one of the first times we've seen BTC trade w/ a correlation to macro headlines in ~2+ years (when it took a lot less $$). Correlation =/ causation but its enough to start a narrative around BTC as people enter the new year with 0 PnL and assess portfolio allocation.”

    “Price and volume are everything”

    Though prices have started to correct a bit, Bitcoin’s not as much as other assets. At the time of writing, BTC/USD has been trading at $8,334 up 5.49% as per Coincodex.

    What's good about these moves is the strong volume they are backed by. From last week, the trading volume has gone up from less than $200 million to $1 billion this week and currently $1.65 billion. Trader Scott Melker,

    “Price and volume are everything. When price and volume rise together (like they are now), it is incredible bullish,”

    “When price rises and volume decreases, watch out.”

    People are currently very bullish as calls are trading more expensively, says trader Cantering Clark which means, “the market not currently looking very interested in hedging downside risk.”

    Re-accumulation bottom completed, $10,400 Coming?

    Amidst this bullish momentum, market analyst Benjamin Blunts says this is a critical level we need to watch out for to see if this is breaking of the trend or we go up in 5wave marking the bottom. However, he’s not shorting the market and is seeing $10,400 coming up.

    According to analyst Willy Woo, a move up might be in order as while pointing to his previous tweet where he called for the market to have already hit the bottom in early December, this latest move up has him now noticing,

    “One month later from this on-chain momentum switch, re-accumulation bottom completed. Daily candle closed just minutes ago and we're above the bearish channel that held us for 6 months.”

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    AnTy
    AnTy
    AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,264FansLike
    2,735FollowersFollow
    4,093FollowersFollow

    Live Bitcoin Price & Latest BTC Chart News

    Today's Latest Crypto News

    Money Is At Risk In Banks, Bitcoin Is Probably The Most Secure Currency Right Now: Tim Draper

    “If we're able to hold above $7,800, it will be a very good sign,” - Mati Greenspan Venture Capitalist advises millennial's to start...

    XRPL Labs Founder Wietse Wind's XRP TipBot Banned On Twitter, A Sign To Come For Tipping Bots?

    On January 24, Twitter decided to disrupt the XRP community by banning the XRP Tip Bot account, which is a service developed by the...

    Litecoin Founder Charlie Lee Proposes 1% Block Reward Funding Plan To Rake in $1.5 Million

    Proposal for donating 1% of block rewards to generate $1.5 million per year It’s like paying for your kid’s college and “securing your...

    Travala Expands Its Crypto Payments Options By Adding NEM's XEM Token

    Travel platform Travala, a firm that allows its customers to pay for hotel accommodations using digital currencies, has partnered with the NEM Foundation to...

    Elon Musk Thinks Crypto Could Be a Replacement for Cash

    Billionaire, SpaceX and Tesla CEO Elon Musk is also known for his cryptic tweets on crypto and Bitcoin (BTC), but on January 20, he...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.