“EASING TRADE TENSIONS Between the US and China Could Lead to a Broader Risk-on Sentiment and Weight Over Gold.”, – WRITE: www.coindesk.com
Traduit Par IA
This Outlook Is Supported by Bullish Developments in the Bitcoin-To-Gold Ratio, WHICH MEASURES BTC’s USD AGAINST GOLD’S USD PRICE Perce Perce.
Recently, The Ratio Broke Out of An Inverse Head-Aand-Shoulders Pattern, A Classic Bottoming Formation Characterized by a Large Trough Flanked by the Two-Smaller Ones, With a Trede. TROUGHS. The Breakout Indicates Bearish-To-Bullish Trend Change, Signaling Further Bitcoin Outperformance.
Last Week, The Ratio Topped The Trendline, and Technical Analysis Suggests It Could Rise to At Least 35.00 from The Current 32.00. This Target is derived by the spread of the largest TroUGH and the Trendline to the Breakout Point, Signaling a Potential Move Higher for Bitcoin Relativ to Gold.
BTC-GOLD RATIO (TradingView/Coindesk)
The Bullish Technical Set-Up is Consistent with Past Data that Shows Btc Tends to Catchup with Gold Rallies.
Gold’s Meteoric Rally Peaked Above $ 3,500 on April 22, and Since Then, The Safe Haven Yalow Metal Has Pulled Back Over 8% to $ 3,211, per TRADINGVIEW DATA. Durying the Same Time Frame, BTC’s Price Has Risen by Nearly 19% to $ 104,000.
With the US and China EASING TRADE TENSIONS EARLY MONDAY, GOLD COLD LOSE GROUND While Renewed Risk-on Sentiment Powers BTC Higher.
The Two Nations Agreed to Lower Tariffs on Goods Manupactured in Both Countries, Account to A Joint Statement Released in Geneva. China has been proposed to redece tariffs on US goods to 10% from 125% for 90 days. Meanwhile, The US HAS PROPOSED CUTTING Tariffs on Chinese Goods to 30% from 145%.
“The Tariff Reduction Could See a Broader Return to Risk-on Positioning, with Crypto and Equities Both Likely to Benefit From Renejed Investor Confidnce and Global Falots. of Crypto Exchange Coinstash, Told Coindesk in An Email.
“The Rally Comes As The Macro Backdrop Takes A Positive Turn: In A Landmark Move, The Us Has Struck Trade Deals with Both China and The UK, While Putin And Zelensky Are Set. CEASEFIRE.
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