Bitcoin Price: Gold Breakout Could Jolt BTC Above $12K, Say Analysts
William Suberg's original article for cointelegraph.com reduced by 59%
Bitcoin price remained fairly buoyant on Aug. 13 despite a fresh delay of an exchange-traded fund by United States regulators. Data from Coin360 showed BTC/USD clinging to support above $11,000 Tuesday, as the fallout of another delay to a Bitcoin ETF hitting the market appeared to impact markets less than ever before.
Bitcoin was down 0.22% at press time, while 7% weekly losses contrasted with the cryptocurrency's best weekly close of 2019 set over the weekend. As Cointelegraph reported, previous ETF-related decisions by the U.S. Securities and Exchange Commission sparked considerably more uncertainty for Bitcoin, with the price succumbing to downward pressure.
Now, analysts are instead looking to strength in gold to determine whether Bitcoin could likewise continue expanding. "Gold at HTF resistance, if it busts through I wonder if Bitcoin follows," they commented uploading an accompanying chart. Across altcoin markets, tokens fluctuated around Bitcoin's sideways performance, gaining or losing up to a modest 2.5%.
Out of the top twenty cryptocurrencies by market cap, it was Bitcoin Cash leading the way with 2.3% daily growth, while Binance Coin managed 1.3%. Ether, the largest altcoin, at the same time contracted 1.5% as a continued bearish trend takes the token ever lower against both USD and BTC. Ether has not traded at current levels against BTC since March 2017.
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