Digital gold up (BTC), spot gold down (XAU)

Digital gold up (BTC), spot gold down (XAU)

Bitcoin, often referred to as digital gold, has surged again, extending above $43,000. The crypto has maintained its positive momentum for five consecutive days now, marking a 15% increase over this period. At present, the price hovers around $43,300, after pulling back from a recent high of $44,011.

From a technical perspective, bitcoin has surpassed the 50% level between its 2021 all-time high of $69,000 and 2022 low of $18,000 (at $42,240). Sustaining this position above the midpoint strengthens the bullish case and helps the prevailing sentiment that the upward trajectory will likely persist.

Over in “real” gold; the commodity has faced a significant retreat from its all-time highs, witnessing a drop of over $100. Despite some technical indicators signaling oversold conditions, gold's struggle to stage a convincing rebound due to the renewed strength of the US dollar. A break below the $2010 level could intensify bearish pressure, exposing $2,000, $1,995 and $1,985.