Bitcoin (BTC) faces ongoing bearish catalysts as merchants run to protected havens equivalent to gold, new evaluation warns.
In a dedicated X thread on March 4, buying and selling useful resource The Kobeissi Letter introduced a “international transfer” away from threat belongings.
Bitcoin “not seen as protected haven play”
Bitcoin and altcoins suffered because the US confirmed the start of fresh trade tariffs towards Canada and Mexico, following shares downhill.
BTC/USD fell $10,000 over a 24-hour interval, information from Cointelegraph Markets Pro and TradingView exhibits, erasing its whole aid rally amid buzz over a US strategic crypto reserve.
Whereas particulars of the latter are set to be revealed on the White House Crypto Summit on March 7, Bitcoin bulls have been unable to reclaim misplaced assist ranges.
For Kobeissi, the writing is on the wall.
“The true driver right here is the GLOBAL transfer in direction of the risk-off commerce,” it defined.
“As commerce battle tensions rise and financial coverage uncertainty broadens, ALL dangerous belongings are falling. This was seen in shares, crypto and oil costs which all fell sharply at the moment. Secure havens are thriving.”
BTC/USD 1-hour chart. Supply: Cointelegraph/TradingView
The S&P 500 and Nasdaq Composite Index completed the March 3 buying and selling session down 1.76% and a pair of.64%, respectively.
Gold, against this, continued to consolidate positive factors whereas circling in an space instantly beneath all-time highs.
Kobeissi concluded that Bitcoin is “now seen as a dangerous asset” within the present macroeconomic surroundings.
“Check out the sharp divergence between Gold and Bitcoin of their YTD efficiency,” it reasoned.
“Whereas gold costs are up +10%, Bitcoin is down -10% since January 1st. Crypto is not seen as a protected haven play.”
Bitcoin market cap vs. Gold futures % change. Supply: The Kobeissi Letter/X
BTC worth meets bull market assist pattern line
Bitcoin thus joined the US greenback index (DXY) in an uncommon syncopated transfer down, which took the previous towards the 200-day easy transferring common (SMA) — a traditional bull market assist line.
Associated: Biggest CME gap ever at $85K: 5 things to know in Bitcoin this week
“Essential space to observe as you not often get these exams throughout an enormous excessive timeframe run. Additionally a key degree to carry for the bulls,” well-liked dealer Daan Crypto Trades wrote in a part of an X post on the subject.
BTC/USD 1-day chart. Supply: Daan Crypto Trades/X
Additional remarks famous that BTC/USD had closed the biggest gap in history on CME Group’s Bitcoin futures market.
Beforehand, one other hole left over from November 2024 was closed as a part of Bitcoin’s descent to present multimonth lows close to $78,000.
This text doesn’t comprise funding recommendation or suggestions. Each funding and buying and selling transfer entails threat, and readers ought to conduct their very own analysis when making a choice.
