Gold (XAU/USD) Listless Ahead Of US CPI, Bitcoin (BTC/USD) Probes Multi-Year High


(MENAFN- DailyFX) ) Listless Ahead of US CPI, Bitcoin (BTC/USD) Probes Multi-Year High Skip to Conten News & Analysis at your fingertips.

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Change in Longs Shorts OI
Daily 4% 12% 7%
Weekly 6% 0% 4%
What does it mean for price action? Get My Guide

In contrast to gold, Bitcoin traders are enjoying a renewed bout of volatility with the largest cryptocurrency by market capitalization currently eyeing a test on levels last seen in December 2021. The recent post-ETF sell-off and rally has pushed BTC/USD back above $48k with the January 11 high at a fraction under $49k seen as the next target. Above here there is little in the way of resistance on the weekly chart before $52k comes into play.

The latest rally is being driven not just by the successful release of a range of spot Bitcoin ETFs over the last month, but also by the Bitcoin halving event which is expected on April 17. Bitcoin halving is an event, that occurs approximately every four years and is programmed into Bitcoin's code that cuts miners' rewards for adding new blocks to the Bitcoin by 50%. This reduction in supply leads to increased scarcity and if demand for Bitcoin remains constant, or increases, drives the price of BTC higher. In 2012 the halving cut BTC mining rewards from 50 BTC to 25 BTC, in 2016 from 25 to 12.5 BTC, in 2020 from 12.5 BTC to 6.25. In next year's halving – expected in mid-April - the reward for mining a Bitcoin block will be cut to 3.125 BTC.

Bitcoin Weekly Price Chart Recommended by Nick Cawley Get Your Free Bitcoin Forecast Get My Guide

What is your view on Gold and Bitcoin – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1 .

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