Bitcoin (BTC) demonstrates remarkable resilience amidst macroeconomic uncertainty, but the $91,000-$92,000 zone poses a threat to extended upward movements.
The latest version of the Bitfinex Alpha report Highlighted That BTC has recovered sharply despite the traditional market continuing to experience increased volatility. Bitcoin has recovered more than 16% from its recent lows despite facing a 32% drawdown early in the current market cycle.
Market uncertainty
This recovery is as global markets respond to US trade tensions and increasing policy uncertainty. Federal Reserve Chair Jerome Powell highlighted a data-dependent approach to interest rates, warning that sudden changes in US trade policy could complicate the central bank’s dual mission to maintain stable inflation and employment.
Meanwhile, stock indices such as the Dow Jones Industrial Average, S&P 500 and NASDAQ Composite experienced significant declines, while the US Treasury and bond markets reflect an increase in stress.
Against this background, traditional safe haven assets such as gold have hit record highs of over $3,400. Bitcoin, often considered a risk-sensitive asset, was initially sold alongside the stock, but has since made a stronger recovery, trading around $87,500.
The report said it suggests that the correlation between Bitcoin and gold will be strengthened during this period, and that it will be viewed as a complementary macrohedge rather than just a speculative asset.
Resistance at realised prices
Despite Bitcoin’s recovery, challenges remain for upward momentum. Julio Moreno, head of research at Cryptoquant, said Bitcoin faces resistance in the $91,000-$92,000 range.
Realized prices are an important technical level for traders. When the broader market situation is bullish, this metric often serves as a support. However, in bearish conditions it tends to act as a resistance.
Moreno suggests that current market conditions still fall under the latter category, and that Bitcoin attempts to decisively violate the $92,000 mark could encounter ongoing sales pressure.
Nevertheless, Bitcoin’s ability to rebound in parallel with gold amid the strengthening of stock and bond market volatility continues to outline its evolving role in diverse investment strategies.
With global trade policy evolved and monetary policy prudent, Bitcoin’s trading behavior further demonstrates maturity in the broader financial market situation.
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