Bitcoin (BTC), which was trading at $64,000 on Monday, has recovered to that level after the Wall Street opening as US stocks have given way to gold.
Important points
- Bitcoin continued to rebound on Monday from the weekly close of Sunday, adding 2%.
- The price of oil remains stable after US President Donald Trump threatened to bomb Oman via the Strait of Hormuz.
- Data shows that Bitcoin funding rates reached a 20-month peak of 0.022 in the last week.
Oman is now a major Bitcoin market as US-Iran rhetoric spreads.
TradingView data showed BTC/USD was up more than 2 percent on the day. This is a rebound from Sunday’s close.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
US equities turned lower as an agreed 60-day ceasefire between the US and Iran was set to expire, with the S&P 500 index down 0.5% from Thursday’s all-time highs.
S&P 500 one-hour chart. Source: Cointelegraph/TradingView
Trump has threatened Oman, in a Fox News interview, with military action. ongoing dispute over the reopening Oil route through the Strait of Hormuz
“If Oman gets in the way, we’ll bomb the s*** out of them,” He told It is a network.
The oil markets were unfazed, as WTI crude was flat at $82.35 a barrel when this article was written.
Gold in safe havens was volatile. It gained just a little over 1% at the start of this week, reaching a high daily price of $4,427 an ounce. Earlier, Cointelegraph reported The combination of interest from the government and retailers has pushed gold to multiweek highs.
XAU/USD one-hour chart. Source: Cointelegraph/TradingView
Investment research data from a platform Bytetree The figure for the last 30 days of inflows in gold-backed ETFs was $12 billion.
On Monday, I wrote a short note quoted Michael Hartnett of Bank of America, a strategist, was quoted by Investing.com as saying that the long-term gold trade would continue. “still [sic] best hedge against dollar debasement, bond collapse, asset inflation, capitalist populism vs socialist populism politics of 2020s.”
Related: BTC price loses 200-week trend line as 2022 repeats: Five things to know in Bitcoin this week
The funding rate has reached levels last seen in late 2024
The latest issue of the magazine, Market Color In a bulletin released on Monday by trading company QCP Capital, the company noted Bitcoin’s ability to continue weathering macro-tailwinds while avoiding a significant breakdown from its range.
“Rather than treating individual price levels as directional signals, the more useful observation is that BTC remains close to the lower end of its recent range. A sustained move outside that range would provide more information about market positioning than the relatively contained moves seen within it,” It is written.
Earlier, Cointelegraph reported Expectations that the return of BTC to $61,000 will trigger a unwinding BTC long position, increasing BTC’s downward momentum.
Recent data about CoinGlass The liquidation of crypto assets was a bit muted, as BTC/USD fell back to $64,000.
Source: CoinGlass.com. Screenshot. Source: CoinGlass
According to data from the onchain analytics platform, in a sign that long BTC is becoming a more crowded market, funding rates for derivatives markets hit a 20-month peak of 0.022 per cent on August 14. CryptoQuant.
“The derivatives market sentiment is positive within the current BTC price range, indicating that most traders are taking long positions,” The readings are commented upon.
CryptoQuant noted previously that Binance’s futures volume was greater than the spot market. almost eight times.
Bitcoin funding rates graph Bitcoin funding rates chart. Source: CryptoQuant
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Source: cointelegraph.com
