Bitcoin
US Dollar Falls Further, Gold Rises, Bitcoin Poised for a New ATH
American dollar Slide even further, Gold Poke louder, Bitcoin Prepared for a new ATH
US Treasury yields remain on a downward trend and this is hurting the dollar. Gold continues to rally as Bitcoin hits a new all-time high.
- US 2-year yields approach two-month low.
- Gold continues to recover recent losses.
- A confirmed breakout of $72K should see Bitcoin post a new ATH.
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The US 2-year government yield is just a few basis points away from recording a new two-month low and is dragging the US dollar lower. The recent double high of 5.05% appears likely to be the high of this cycle unless the Fed takes unexpected aggressive action and more losses are expected in the coming weeks. rate cut. Six consecutive red candles have pushed two-year yields into oversold territory, so a small bullish pullback could occur before the sell-off resumes.
2-year earnings in the USA
The Dollar Index also appears to be under pressure and is now trading below the 200-day simple moving average, the 38.2% Fibonacci retracement level and recent trend support. Friday’s US Employment Report has the ability to lift the dollar in the short term, but in the medium term, the dollar index could fall to the 50% Fib retracement at 103.44 before testing the low of the beginning of March at 102.34. The US Dollar Index is also in oversold territory, so a period of consolidation is needed before the next move lower.
US Dollar Index Daily Chart
Gold is retesting $2,360/oz. level and a break above here would see the precious metal above the last simple moving average, adding credibility to a further move higher. The recent $2,280/oz. – $2,450/oz. interval should be maintained in the short and medium term.
Daily Gold Price Chart
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Bitcoin is approaching the important $72K level, aided by heavy new spot ETF purchases. In the last two sessions alone, spot ETF providers have purchased around $1.37 billion worth of Bitcoin, surpassing the 450 Bitcoin now mined daily.
A breakout and open above $72K leaves the ATH of $73,778 vulnerable.
Bitcoin Daily Price Chart
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What is your opinion on the US dollar, gold and Bitcoin – bullish or bearish? You can let us know using the form at the end of this article or you can contact the author via Twitter @nickcawley1.
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