Market trends continue to favor traditional safe-haven assets, with gold and silver maintaining strong support as investors allocate funds to defense products amid macroeconomic uncertainty and risk aversion.
summary
- Gold and silver continue to see defensive flows as investors seek stability amid macro uncertainty.
- Bitcoin has failed to attract strong new buying, and on-chain data shows limited accumulation and hesitation from new investors.
- Short-term holders have increased selling pressure on the pullback, with Bitcoin remaining range-bound and precious metals prices lagging.
According to BTCUSA, Bitcoin has struggled to attract meaningful new demand. On-chain data shows limited accumulation, with new buyers hesitant to enter positions at current price levels, limiting upside momentum.
Short-term holders have emerged as a prominent source of selling pressure, the report said. These investors, who are more sensitive to price fluctuations, increased their distributions during the recent selloff, contributing to Bitcoin’s failure to sustain a rebound.
This divergence highlights the fragmentation in investor sentiment between asset classes. While precious metals have benefited from their established role as stores of value during periods of uncertainty, Bitcoin is treated as a high-beta risk asset, lagging behind defensive alternatives, the analysis said.
Bitcoin is currently trading at around $87,178.67, down around 22.5% over the past three months.
Source: CoinGecko
As long as capital continues to rotate into gold and silver, it could remain range bound.
The report states that a change in risk appetite or a resurgence in spot demand will likely be required for Bitcoin to challenge higher resistance levels.
