Bitcoin bulls battled for control of the $80,000 zone as gold came off its highest levels since mid-May on falling US bond yields.
Bitcoin (BTC) fell below $80,000 into Tuesday’s Wall Street open as crypto and gold gave way to gains in US equities.
Bitcoin price struggles to cement $80,000 reclaim
Data from TradingView showed BTC/USD falling as low as $78,111 on Bitstamp after reaching new 14-week highs of $81,265.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
The $80,000 zone, which traders previously earmarked as an area of strong sell pressure, proved difficult to reclaim as US trading hours appeared to increase downside across both Bitcoin and gold. XAU/USD saw local lows of $4,605 per ounce, down nearly 2% on the day.
XAU/USD one-hour chart. Source: Cointelegraph/TradingView
US stocks moved inversely to gold and crypto last week, coming under pressure as both rallied. This divergence has continued this week, with the S&P 500 and Nasdaq Composite Index posting modest daily gains of 0.2% and 0.5%, respectively.
Nasdaq Composite Index one-day chart. Source: Cointelegraph/TradingView
The comparative strength appeared to mostly brush off a brewing trade-tariff spat between the US and Canada in which negotiations recently broke down. In his latest posts on Truth Social, US president Donald Trump accused Canada of “ripping off” the US.
“Over the last 10 years, the United States lost, on average, 60 Billion Dollars a year with Canada. No more!” he pledged.
US government bond yields continued to cool on the day, with 30-year yields dropping below 5.2% and eyeing their lowest levels since Aug. 7. Last week’s crypto surge came as yields hit heights not seen since January 2007 and the US Treasury announced bigger debt buyback operations to tame the upside.
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