Bitcoin has been trying to surpass the $11,800 but failed to do so, instead, it retraced itself at around $11,680 level. In the meantime, the Ethereum surged above $400, however, it is to be noted that the lower-cap of the world’s second-largest cryptocurrency is fluctuating continuously.
BTC Correlated To Gold
A report published on August 24, stated that for quite a long time, Bitcoin has been trying to get past the $11,800 level. When BTC surpassed the $12k mark and peaked near $12,500 many believed that the king coin has finally surpassed the critical resistance level of $11,800, however that did not turn out to be the case and bitcoin fell below the $11,800 mark again. BTC is currently trading at $11,590 at the press time.
As per the report, before hitting $12,000 and $12,400 level, BTC would have to surge above $11,800 and reach its next resistance level of $11,940.
While analyzing the movement of Bitcoin, it has been found that its price movement is a bit correlated to that of Gold.
The report stated that a few days ago, the price of gold reached $1,960 but later, it retracted and the price of precious metal reached $1,930.
Meanwhile, the market analysts have noticed a growth in the stock market. According to them, as soon as the news regarding the potential COVID-19 treatment outbreak in the market, stocks went up.
The market analysts have indicated that S&P experienced a surge of 1 percent and reached an all-time high of 3,430, Dow Jones stock increased by 1.3 percent to reach 28,000 and Nasdaq is up by 0.6 percent and currently, its price is 11,380.
On one hand, Bitcoin has been struggling to overcome its resistance level and on the other hand, Ethetreum’s value has increased.
A few days ago, the value of ETH slumped down and reached $380, but recently it has again started growing and returned above $400.