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Bitcoin has recovered all this week’s losses and is back at levels seen just before last Friday’s NFP release sent risk markets tumbling on US recession fears. Over this week these worries have been dialed back and risk markets, including Bitcoin, have made a strong recovery. Printing a fresh lower low leaves the chart with a negative bias, while the 50- and 200-day simple moving averages are being tested but have held firm so far. These two moving averages must be broken convincingly before BTC can make the next move higher. If BTC/USD can break above$70k, a cluster of prior highs will prove difficult to overcome in the short term with $72k a notable double top. To the downside, $56.5k should hold if tested.
Bitcoin Price Daily Chart
Chart via TradingView
The longer-term gold chart remains positive with a series of slightly higher lows and higher highs in place. The precious metal has been drifting sideways to marginally higher since early April with two breaks of resistance ($2,450/oz.) quickly reversed. Gold seems to be setting up for another attempt at this level and if successful the all-time high at $2,485/oz. will be quickly tested.
Gold Price Daily Chart
