Bitcoin (BTC) faces the ongoing recession catalyst because traders run for safe havens such as gold, new analysis warns.
One in Dedicated x thread On 4 March, the Trading Resource the Coby letter announced the “global move” from the risky assets.
Bitcoin “No longer seen as safe haven play”
Bitcoins and altcoins faced as the US confirmed the introduction of fresh trade tariffs against Canada and Mexico, after Stock Downhill.
BTC/USD fell $ 10,000 in a 24-hour period, data from cointelegraph markets and Tradingview The show eradicates his complete relief rally amid discussion on the American strategic crypto reserve.
While on March 7, the description of the latter was revealed at the White House Crypto Summit, bitcoin bulls were unable to regain lost support levels.
For Kobissi, the writing is on the wall.
“Here is the global step towards the real driver risk-closing business,” explained it.
“Increase in stress of trade war and economic policy uncertainty is widespread, all risky property is falling. It was seen in shares, crypto and oil prices that fell rapidly today. Safe heavens are rich. ,
BTC/USD 1-hour chart. Source: Cointelegraph/TardingView
The S&P 500 and the Nasdaq Composite Index reduced the trading session of 3 March below 1.76% and 2.64% respectively.
In contrast, gold continued to consolidate the profit by circling in one area below the high level of all time.
Kobissi concluded that bitcoin is “now seen as a risky property” in the current macroeconomic environment.
“Take a look at the sharp deviation between gold and bitcoin in their YTD performance,” it argued.
“While gold prices are +10%, bitcoin is below January 1 -10%. Crypto is no longer seen as a safe shelter. ,
Bitcoin Market Cap vs. Gold Futures % Change. Source: Coby Letter/X
BTC price comes from Bull Market Support Trend Line
Thus Bitcoin joined the US Dollar Index (DXY) in an unusual synseed step, leading to the East to a 200-day simple moving average (SMA)-a classic bull market support line.
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“To see the important area that you rarely receive these tests during a large high deadline. Also an important level to hold for bulls, “Popular merchant Dan Crypto trades have written on one part of one X post On the subject.
BTC/USD 1-day chart. Source: Daan Crypto Trades/X
Further comments stated that BTC/USD had stopped the biggest difference in history on the Bitcoin Futures Market of CME Group.
Earlier, another difference since November 2024 was closed as part of the lineage of Bitcoin, which was for the current multimonth offering of $ 78,000.
There are no investment advice or recommendations in this article. Each investment and business move include risk, and readers should conduct their own research while taking decisions.