“Measured against US money supply, gold is back at levels that marked major historical peaks, while bitcoin retraces toward a key cycle floor.”, — write: www.coindesk.com
In contrast, bitcoin BTC$87,735.31referred to by some supporters as digital gold, has dropped towards a support level, revisiting lows it last touched during the “tariff tantrum” in April.
Back in 2011, gold cost $1,800 an ounce. It’s now around $4,500. When plotted against the money supply, which represents the total stock of dollars circulating in the US economy, including cash, bank deposits and liquid savings, the price has reached a level that’s historically acted as a major resistance zone.
To get there, the precious metal has surged 70% this year. This sharply contrasts with bitcoin, which is down roughly 10%. Still, bitcoin continues to make fresh highs relative to the US money supply each cycle, and the current support level also marks the previous cycle high in March 2024.
BTCUSD/M2 Money Supply (TradingView)
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Such sudden price changes are often due to thin liquidity and can be exacerbated by fewer active traders during quieter hours.
- Bitcoin briefly dropped to $24,111 on Binance’s BTC/USD1 pair before quickly rebounding above $87,000.
- The price fluctuation was isolated to a stablecoin pair backed by World Liberty Financial and did not affect other major BTC pairs.
- Such sudden price changes are often due to thin liquidity and can be exacerbated by fewer active traders during quieter hours.
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