Key Takeaways:
Bitcoin (BTC) pushed past the $81,000 mark this week, a 10 percent increase from the $72,000 level it maintained through late April, as traders eye the $83,000 resistance wall amid a bullish technical flip and quiet miner activity.
"Two catalysts stand out this week," Markus Thielen, CEO of 10x Research, told Cointelegraph, pointing to a Senate vote on Kevin Warsh's confirmation as Federal Reserve chair and the markup of the CLARITY Act. Thielen noted that while Warsh is considered more hawkish, his confirmation would remove "uncertainty overhang," while the crypto legislation could be a "turning point for regulatory certainty."
The rally builds on a month of gains, with Bitcoin up 17.5% over the last 30 days, according to data from Investing.com. This week's move was supported by a bullish crossover on the Moving Average Convergence Divergence (MACD) indicator and data suggesting miners are not adding significant selling pressure. Technical analysis from Cointelegraph places the 20-day exponential moving average at $79,092, a critical near-term support, with a break above the $84,000 level needed to confirm further momentum toward $92,000.
The current strength comes despite a broader debate on Bitcoin's role as a safe-haven asset. While billionaire investor Ray Dalio noted Bitcoin's increasing correlation with tech stocks, which has surged to 0.85 from 0.16 since the start of the US-Iran conflict, the digital asset has outperformed gold by a significant margin over the same period. Bitcoin has gained over 23% since Feb. 28, while gold has fallen more than 10%, per data from TradingView.
This article is for informational purposes only and does not constitute investment advice.
