In line with information disclosed by William Suberg, Bitcoin price action falters as gold price hits USD 2.5K, it has been indicated that Bitcoin could not look less like gold, as BTC sideways price action hits record highs.
The truth is, “Bitcoin disappointed at Wall Street's August 16 open, as BTC's price range contrasted with gold's new all-time highs. Data from Cointelegraph Markets Pro and TradingView showed the BTC/USD pair moving at both ends of a USD 1,500 intraday range.”
On the other hand, according to what commented on X Filbfilb, co-founder of DecenTrader, “The fact that BTC is not going up on good news is probably more telling than people want to accept.”
According to Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, who “struck a more positive tone, calling for ‘patience’ while acknowledging that Bitcoin's recovery from the macro lows of early August had been ”lagging behind other asset classes.”
Earlier, Edwards had suggested that Bitcoin should follow gold higher, given historical precedent. The gap between a move in gold and Bitcoin, he showed, is about three months.
SOURCES CONSULTED
Cointelegraph. Bitcoin price stumbles as gold price hits $2.5K for the first time ever. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
