Bitcoin and gold prices are increasing
|Gold and Bitcoin
Although we see riskier assets such as equity futures finding more bids today and traders supporting the sentiment and picking up the momentum where they left off last night, Bitcoin and gold prices are also increasing. This is primarily due to the reason that the dollar index has weakened, as we discussed previously.
Bitcoin has been under pressure due to the Fed's monetary policy, and that is, the Fed is increasing the interest rates. But the price action now shows that it is the dollar strength or weakness that matters the most for the bitcoin prices. The fact that we have seen the dollar index coming off its highs, now we do see bitcoin prices moving higher as well. It will be interesting to see if the relationship continues to hold as the Bitcoin price is still not far off from its critical support of 20K.
As of today, BTC and Ethereum prices crossed above the price level of 23K and 1.6K, but the main resistance which will clear the threat of any further downside move is if BTC crosses above the 30K price mark and ETH soars to 2K.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.