Bitcoin 35-Ounce Gold Test Dey Amid Rising Treasury Yields
Bitcoin gats hold above im 2021 high wey be about 35 ounces of gold to confirm say e dey independent asset and "digital gold", Bloomberg Intelligence strategist Mike McGlone tok warn. If e fall below dis level fit mean say e go weak more and e fit make investors run go U.S. Treasury bonds, wey yield near 1.75% for China now dey compete with crypto returns. For August 14, Bitcoin touch 36.9 ounces of gold small before e comot back, after e touch 2025 low of 24.7 ounces for middle April. Traders suppose dey watch BTC/Gold ratio, gold price trend and Treasury yields well-well, because any change fit affect short-term Bitcoin price movements and long-term market position.
Bearish
McGlone warnin dey show say if Bitcoin no fit hold di 35-ounce gold level, e fit make people shift comot. For short term, if dis key ratio break, e fit cause more selling as traders go look for di safer side and returns wey U.S. Treasury bonds get. For long term, if Bitcoin no perform well compared to gold, e fit spoil im appeal as 'digital gold' store of value, increase wahala for price dey do come, and make institutional demand for am reduce.