Bitcoin price markets report
Bitcoin,  Ethereum

Markets Report: Bitcoin Price Holds $11,000 Goldman Sachs Warns Over US Dollar

Another day of strong performance keeps Bitcoin bulls in charge as gold continues to push new all-time USD highs.

Bitcoin continues to hold $11,000 for another day as timeframes turn green and analysts turn increasingly bullish on BTC.

Data from price trackers including CoinMarketCap showed July 29 marking another strong day for Bitcoin, which returned to $11,000 during trading.

24-hour performance has seen less volatility than in recent days, with BTC/USD moving in a corridor between $10,900 and $11,140.

As Modern Consensus reported, current levels are the highest in almost a year, having come as a surprise after months of price compression below $10,000. 

“I would be quite happy to see $BTC range around 11k for a while so alts can catch up and thrive,” popular trader Scott Melker summarized on Twitter Wednesday.

Melker was referring to the previous week seeing Bitcoin beat the majority of other cryptocurrencies’ returns, with largest altcoin Ether nonetheless putting in stronger performance—up 45% compared to seven days ago.

bitcoin price markets report
Bitcoin versus Ether spot price over the past year highlights recent days’ gains. Source: Skew

BTC/USD: Analyst eyes $11,800 next

While some predict that a correction is now due, and that Bitcoin price rise happened too quickly, the mood is fast becoming much more optimistic.

For fellow trader filbfilb, the next bullish target lies around $11,700, with activity continuing above the major resistance level at $10,500.

“Target looking like 11650-11800,” he told subscribers of his dedicated Telegram trading channel. 

“If it does break down, first point of support is the monthly resistance which we made a decent attempt at turning support yesterday on (lower timeframes). Would be nice to look up higher and then bounce off here before the end of the week.”

Goldman reveals “real concerns” over USD as global reserve

Beyond Bitcoin, macro markets showed decidedly less bullish sentiment than safe havens gold and silver.

While gold continues to push new records in USD terms, stock markets are wobbling as a decision from the US Federal Reserve on interest rates looms. The situation provides an interesting contrast to much of the time after the March coronavirus crash—unlike before, Bitcoin is showing no signs of copying stocks’ behavior.

“Gold is the currency of last resort, particularly in an environment like the current one where governments are debasing their fiat currencies and pushing real interest rates to all-time lows,” Goldman Sachs analysts said on Tuesday quoted by Bloomberg.

In addition, they warned, the bank harbored “real concerns around the longevity of the US dollar as a reserve currency.”

The past week has seen a noticeable impact on Bitcoin’s price correlation to gold. (Photo: Skew)

Responding, gold bug and Bitcoin skeptic Peter Schiff delivered a similarly stark forecast for US economic hegemony.

“The entire house of cards that defines the U.S. economy rests on the foundation of the dollar’s reserve currency status,” he wrote on Twitter. 

“Lose that and the economy topples.”

As Modern Consensus often notes, Schiff remains averse to BTC as a safe haven away from fiat. This week has been no different, with the mogul claiming that despite its bulk and decades of confiscation by governments, gold is both more portable and less confiscatable than Bitcoin.

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Anthony Bevan is a journalist focusing on disruptive finance and cryptocurrency, along with the changing face of the market as Bitcoin gains mainstream adoption. Journalists covering cryptocurrency for Modern Consensus May hold positions in some of the currencies they write about.