Bitcoin started a new week’s trading by edging closer to $12,000 — but there’s plenty of pressure to sink prices lower. On Thursday, the U.S. Federal reserve will issue a statement that could push safe havens up considerably.
At $11,770, BTC/USD had all but erased the effects of its precipitous fall last weekend, during which it fell from above $12,000 to $10,870 in a matter of minutes. Further upside, analysts predict, may be harder to sustain.
Bitcoin is still firmly in bullish territory despite its “huge drop” of more than $1,200 this weekend, one of the industry’s best-known traders says. In the latest edition of his Trading Bitcoin livestream, Tone Vays said that there was no need to worry after BTC/USD crashed from more than $12,000 to less than $10,900 in 20 minutes.
Bitcoin or gold? The debate over the two macro assets looks ready to boil over. Gold is circling its all-time highs against the U.S. dollar, but Bitcoin has yet to show an intention to follow in its footsteps.
