Bitcoin fell today as it retreated from its record high, as the U.S. Government shutdown entered its 7th day. Bitcoin fell to $121,000 and is still below the Monday high. all-time peak of $126,296, per Bitbio data.
Bitcoin is still up 9% in the last week despite the slight pullback. Bitcoin has risen by roughly 30% from the beginning of this year.
The gold price continued to rise, and briefly topped $4,000 an ounce over night. Futures were trading early on Tuesday at $3.980, reflecting a 50 percent gain in the past year.
Bitcoin is currently trading for $122,096 at the time this article was written.
The markets have remained largely unaffected by the Senate shutdown. failed to pass A Republican bill was passed on Monday that would reopen the government.
The Bitcoin dips can be used to buy
Analysts say Bitcoin’s recent correction — from its all-time high down to around $122,000 — is healthy and may be setting the stage for further gains. The $120,000 mark is a key level of support. Resistance can be found near $135,000.
“Overall, dips are for buying,” said Mags on X is a market analyst who noted that if the daily closing price was above $123300, it could lead to additional gains.
Onchain data underscores strong buying momentum. Glassnode reported that Bitcoin’s relative strength indicator has increased from 44 to 65 over the last week, signaling a growing confidence in the market.
Glassnode also noted Open interest in bitcoin futures increased as traders bought long positions during the break out to new highs. These positions are being tested by the current drop. By watching buyers’ actions, we can determine if these levels will attract new demand.
Demand for safe-haven assets may increase due to the ongoing fiscal crisis in the United States.
Geoffrey Kendrick is the head of Digital Assets at Standard Chartered. suggested Last week, Bitcoin was predicted to reach $135,000 in the near future and $200,000 if conditions continue.
Gold continues to surge as previously mentioned, thanks in part to central bank purchases and dollar weakness.
Market jitters have led to investors positioning themselves for a prolonged period of policy insecurity. Both bitcoin and safe-haven assets are benefiting.
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Source: bitcoinmagazine.com
