Bitcoin bull divs build as gold prepares to hit new $4.5K record high
Bitcoin shows bullish divergences against the dollar and gold while facing resistance near $90,000, as gold approaches a $4,500 record.Summary
Bitcoin (BTC) traded lower toward Tuesday's Wall Street open, with traders anticipating further downside as BTC/USD languished around $88,000, rejecting the $90,000 level and the 200-period moving average cloud on four-hour charts. Analysts noted that moves toward $90,000 face significant selling pressure, and one whale entity opened nearly $250 million in short positions across Bitcoin, Ether, and Solana.
Despite the short-term bearish sentiment and thinning holiday liquidity, bullish market observers are focusing on technical indicators. Specifically, Bitcoin is printing bullish divergences against both the US dollar and gold on the three-day chart, where the Relative Strength Index (RSI) is making higher lows while price makes lower lows, suggesting a potential bottom.
Simultaneously, precious metals are diverging significantly, with gold (XAU/USD) approaching a new all-time high near $4,500 per ounce. The BTC/XAU daily chart also shows a bullish divergence forming at key support, indicating that while gold surges, Bitcoin's underlying structure might be preparing for a rebound into six-figure territory soon.
(Source：Cointelegraph)