{"id":422384,"date":"2020-04-30T21:00:06","date_gmt":"2020-04-30T21:00:06","guid":{"rendered":"https:\/\/wncen.com\/?p=422384"},"modified":"2024-06-11T09:45:17","modified_gmt":"2024-06-11T09:45:17","slug":"bitcoin-shaping-up-to-be-a-higher-gold-2-0-as-bullishness-grows","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-shaping-up-to-be-a-higher-gold-2-0-as-bullishness-grows\/","title":{"rendered":"Bitcoin Shaping up to be a \u201cHigher Gold 2.0\u201d as Bullishness Grows"},"content":{"rendered":"

Bitcoin has seen some immense bullishness throughout the past couple of days, with the benchmark cryptocurrency incurring a notable uptrend that allowed it to climb from lows of $7,700 to highs of $9,500.<\/p>\n

This upwards momentum has marked a significant extension of that which was first incurred when BTC dipped to lows of $3,800 in mid-March, and the crypto has now erased virtually all of the losses that were incurred during this meltdown.<\/p>\n

Analysts are now growing increasingly bullish on the cryptocurrency, explaining that its extreme strength in the face of a backdrop of global bearishness is allowing it to quickly becomes a higher version of gold<\/a>.<\/p>\n

There are, however, a few key hurdles Bitcoin must first jump over in order for this possibility to be validated.<\/p>\n

Bitcoin\u2019s Uptrend Highly Bullish Despite Retrace from Daily Highs; Claims Analyst<\/strong><\/h2>\n

At the time of writing, Bitcoin<\/a> is trading up just under 6% at its current price of $8,900, marking a massive climb from recent lows of $7,700 and only a slight retrace from daily highs of $9,500.<\/p>\n

These highs were set last night when bulls overextended themselves, propelling the crypto before quickly losing their momentum.<\/p>\n

Bitcoin\u2019s ability to hold strong within the upper-$8,000 region does appear to be an overtly bullish sign, as it indicates that bulls have begun establishing some notable support within this area.<\/p>\n

One analyst on Twitter explained<\/a> why the benchmark crypto is still highly bullish even in the face of this morning\u2019s retrace, pointing to its low open interest and only minor uptick in funding rates to justify this notion.<\/p>\n

\u201cDespite the morning crash, the BTC move was very bullish. Funding barely increased, aggregated OI didn’t increase by much, and Bitmex OI decreased. That speaks of the move driven by spot buyers rather than excessive leverage. The 50% retracement was welcome after +20% in 24H,\u201d he explained.<\/p><\/blockquote>\n

BTC\u2019s Strong Performance Against Global Markets Bolsters \u201cGold 2.0\u201d Narrative<\/strong><\/h2>\n

The \u201cdigital gold\u201d narrative that many investors had subscribed to throughout the past few years is finally showing some signs of being validated, as Bitcoin is now trading up significantly against virtually all major assets.<\/p>\n

Another respected analyst mused this narrative\u2019s validation in a recent tweet<\/a>, explaining that all BTC needs to do now is capture more market-share, and then it will be well on its way to becoming a \u201chigher beta gold 2.0.\u201d<\/p>\n

\u201cEven with this recent correlation, Bitcoin is still making quite a case for itself as a higher beta gold 2.0. All it needs to do is capture a bit more market-share. I think over the next 10 year period it is one of the best performing assets,\u201d he explained.<\/p><\/blockquote>\n

\"Bitcoin\"
Image Courtesy of Skew<\/figcaption><\/figure>\n

If this trend of outperformance in spite of the global turbulence persists, BTC<\/a> could quickly validate that it is largely decoupled from the traditional markets.<\/p>\n

Featured image from Unplash.<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has seen some immense bullishness throughout the past couple of days, with the benchmark cryptocurrency incurring a notable uptrend that allowed it to climb from lows of $7,700 to highs of $9,500. This upwards momentum has marked a significant extension of that which was first incurred when BTC dipped to lows of $3,800 in mid-March, and the crypto has now erased virtually all of the losses that were incurred during this meltdown. Analysts are now growing increasingly bullish on the cryptocurrency, explaining that its extreme strength in the face of a backdrop of global bearishness is allowing it to quickly becomes a higher version of gold. There are, however, a few key hurdles Bitcoin must first jump over in order for this possibility to be validated. Bitcoin\u2019s Uptrend Highly Bullish Despite Retrace from Daily Highs; Claims Analyst At the time of writing, Bitcoin is trading up just under 6% at its current price of $8,900, marking a massive climb from recent lows of $7,700 and only a slight retrace from daily highs of $9,500. These highs were set last night when bulls overextended themselves, propelling the crypto before quickly losing their momentum. Bitcoin\u2019s ability to hold strong within the upper-$8,000 region does appear to be an overtly bullish sign, as it indicates that bulls have begun establishing some notable support within this area. One analyst on Twitter explained why the benchmark crypto is still highly bullish even in the face of this morning\u2019s retrace, pointing to its low open interest and only minor uptick in funding rates to justify this notion. \u201cDespite the morning crash, the BTC move was very bullish. Funding barely increased, aggregated OI didn’t increase by much, and Bitmex OI decreased. That speaks of the move driven by spot buyers rather than excessive leverage. The 50% retracement was welcome after +20% in 24H,\u201d he explained. BTC\u2019s Strong Performance Against Global Markets Bolsters \u201cGold 2.0\u201d Narrative The \u201cdigital gold\u201d narrative that many investors had subscribed to throughout the past few years is finally showing some signs of being validated, as Bitcoin is now trading up significantly against virtually all major assets. Another respected analyst mused this narrative\u2019s validation in a recent tweet, explaining that all BTC needs to do now is capture more market-share, and then it will be well on its way to becoming a \u201chigher beta gold 2.0.\u201d \u201cEven with this recent correlation, Bitcoin is still making quite a case for itself as a higher beta gold 2.0. All it needs to do is capture a bit more market-share. I think over the next 10 year period it is one of the best performing assets,\u201d he explained. If this trend of outperformance in spite of the global turbulence persists, BTC could quickly validate that it is largely decoupled from the traditional markets. Featured image from Unplash.<\/p>\n","protected":false},"author":499,"featured_media":422387,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144],"class_list":["post-422384","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Shaping up to be a \u201cHigher Gold 2.0\u201d as Bullishness Grows<\/title>\n<meta name=\"description\" content=\"Analysts are explaining that Bitcoin's strength in the face of a backdrop of global bearishness is allowing it to quickly becomes a higher version of gold.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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