Key Points:
BTC experienced significant volatility at the opening of Wall Street, with prices touching $110,000 again.
The liquidity conditions near the price have thickened, making it crucial to break back above the 21-week moving average.
Gold prices have sharply declined after touching historical highs again.
BTC buyers and sellers fiercely contested market control at the Wall Street opening on Tuesday, while gold prices fell significantly during the same period.
Data from Cointelegraph Markets Pro and TradingView shows that BTC price volatility has noticeably increased.
After probing close to the CME Group Bitcoin futures market weekend gap—though not fully filling it—BTC/USD quickly reversed upwards, breaking through the $110,000 mark.
The trading pair fluctuated in a constantly changing liquidity environment on the exchange order book, with buy and sell orders rising and falling as parties attempted to dominate the price direction.
Monitoring agency CoinGlass indicates that overall liquidity around the spot price has significantly thickened.
Trader Luca pointed out on the X platform: "It has been a while since we've seen such a liquidation situation when the funding rate is near negative territory."
The funding rate situation at the derivatives exchange he mentioned suggests that traders are adopting risk-averse strategies, with an overall expectation of further price declines.
Luca and other analysts noted a significant amount of potential price "magnet" at levels of $116,000 and above, characterized by a high concentration of sell orders.
Meanwhile, trader and analyst Rekt Capital emphasized that the 21-week exponential moving average (EMA) is a key resistance level that bulls need to break through.
Rekt Capital analyzed alongside the chart: "BTC is currently facing resistance at the 21-week EMA (green), which will push the price back into the historical demand area (orange)."
The market volatility of the day was not limited to the cryptocurrency sector.
After recently reaching historical highs, gold now faces the risk of a "double top" bearish trend reversal, with intraday losses exceeding 5.5%.
$GOLD. Will the EQH turn into a Double Top? If so, the target is around 4K. pic.twitter.com/qlh7qm2x21
Forex.com senior strategist James Stanley pointed out that if this pattern holds, it could retest the $4,000 level.
"If the neckline is broken and the price reaches the expected movement, that will test the $4,000 level," he told fans in his latest analysis on the X platform, which included Fibonacci retracement level charts.
Trader Crypto Tony stated that BTC and altcoins may ultimately benefit from the cooling of gold's historic bull market.
"In uncertain times, risk asset classes carry more weight, and gold is at the top of that chain," he wrote on the X platform, believing that gold is a key factor leading to poor cryptocurrency performance.
Related: Bitcoin (BTC) plummeting to $104,000 is a "washout" rather than a "failure" of the crypto cycle.
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “Bitcoin (BTC) Taps $110K, Price Diverges from 5% Gold Drop”
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