Bitcoin, Gold, GameStop & AMC – FinTwit Trends To Watch


After Bitcoin’s crash last week, the dominant cryptocurrency has somewhat recovered, moving back up towards the $40000 mark. Unease still surrounds the digital currency market as environmental concerns remain at the forefront for influential figures such as Tesla’s Elon Musk. After a few tweets relating to Bitcoin miners’ impact as well as the development of Dogecoin, Mr Musk has yet again prompted significant price action on the crypto market.

Bitcoin (BTC/USD) daily chart:

Bitcoin BTC/USD daily chart

Chart prepared by Warren Venketas, IG

The Bitcoin (BTC/USD) daily chart above gives a clear reflection over the past week with the $30000 key psychological support level holding firm. Bitcoin bulls are now eyeing the $40000 resistance zone which has proved tough to pierce this week. This push higher is seeing increased fundamental opposition as Iran temporarily banned crypto mining up until September 22, 2021.

The Relative Strength Index (RSI) is slowly edging out of oversold territory as mentioned in last week’s report after a strong downward move. It may be too early to call a reversal just yet however, additional external factors may provide the catalyst needed for confirmation of a directional bias.


While Bitcoin’s (BTC/USD) facility to provide a store of value is being questioned, its often overlooked predecessor gold has been flying under the radar to new four month highs.

This weak dollar is relentless as a result of Fed support of the current stimulatory policy; with no signs of tapering anytime soon. In conjunction with the weak dollar, U.S. 10-year benchmark government bond yields have declined which has supported the non-interest bearing aspect of gold and helped in the recent tailwind behind gold prices.

That being said, tomorrow’s PCE data may re-write the recent trend of inflationary fears depending on the actual figure and how it may differ from the forecast.

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