Cryptocurrency
Bitcoin May Follow Gold With Significant Price Breakout
As CoinDesk reported, “Bitcoin jumped to seven-week highs early on Wednesday and appears on track to confirm a significant price breakout similar to that seen by gold. “According to CoinDesk’s Bitcoin Price Index, the number one cryptocurrency by market value rose to $8,463 – the highest level since Nov. 18 – during the Asian trading hours […]
As CoinDesk reported, “Bitcoin jumped to seven-week highs early on Wednesday and appears on track to confirm a significant price breakout similar to that seen by gold.
“According to CoinDesk’s Bitcoin Price Index, the number one cryptocurrency by market value rose to $8,463 – the highest level since Nov. 18 – during the Asian trading hours as Iran launched retaliatory attacks on the American bases in Iraq.
“While bitcoin rallied to multi-week highs, gold, a classic haven asset, jumped above $1,600 for the first time since 2013. Other anti-risk assets like Japanese yen, Swiss franc and U.S. bonds also drew bids.
“The safe-haven narrative surrounding bitcoin has strengthened with the cryptocurrency gaining ground in tandem with gold since Friday.
“The yellow metal found takers near $1,530 on Friday after the U.S. killed a top Iranian military commander and rose to a high of $1,611 earlier today. Meanwhile, bitcoin turned higher from lows near $6,850 on Friday and has gained more than 20 percent since.
“The cryptocurrency now looks set to take a page out of gold’s book and confirm a falling channel breakout on the weekly chart…”