Bitcoin Bull Rally Continues Underway as Gold Attempts to Stabilize
The price of gold has climbed back up to $1226 following a weakening USD on the 24 of July, providing Gold bulls with a chance to rack up the price once again. Although Gold does possess the potential to bounce even higher should the USD continue weakening, its mid and long-term pathing seems to hold on the negative side.
Threats to Gold
Markets are consistently speculating over the increasing rates of the Federal Reserve and their slow rise, expecting investors to completely avoid Gold and its profitless status. Additionally, a robust USD is predicted to derail any attempts at a positive gain for the precious metal.
As of now, Gold is in a bad spot given the primary drivers that have backed the USD in the last few months holding strong. On the technical side, markets are expressing a strong bearish spiral on the 24-hour chats as a death cross advising caution to any investors involved.
Lows are getting lower as well as lesser highs on the 24-hour chats as the moving average convergence divergence negatively trades. A softer USD may potentially bring Gold back up in the value of $1245 albeit a possible bear pull to keep it at $1213.
On the 24th of July, experts and investors alike are wondering if BTC bulls have risen again and if that indicates a potentially huge bull run after Bitcoin hit its latest high of $8000 in two months. Due to the seemingly consistent and positive news about digital currencies in the recent weeks, investors are once again looking towards the leading cryptocurrency and is apparent in its current price.
Goldman Sachs, as well as BlackRock, have both been interested in crypto and the FSA has stated that cryptocurrencies, in general, are not a risk to the global financial environment. As a rebuilt belief in Bitcoin by the excited bulls, even more potential for growth could be close by.
Bitcoin is consistently in the green zone on the 24-hour chats with its current price valued over $8100 and should the coin close over $8000, it may provide a stepping stone towards $8250.