Bitcoin Rejection at $90K: Gold and Bonds Take the Lead

Bitcoin faced strong rejection near the $90,000 mark, leading to liquidations and raising questions about its momentum toward $100,000, as investors shifted preference toward traditional safe-haven assets like gold and US Treasury bonds. Gold prices remained above $4,300 while 2-year Treasury yields dropped to their lowest since August 2022, signaling risk aversion, especially with the US fiscal deficit expected to widen. Furthermore, the S&P 500 hitting record highs, supported by potential Fed rate cuts and AI spending, has diminished Bitcoin's appeal as an independent hedge against inflation or recession. Even the recent drop in the Bitcoin hash rate, possibly due to high energy costs forcing miners offline, is viewed by some analysts (like VanEck) as a historically bullish contrarian signal. Ultimately, Bitcoin's path forward depends on a shift in risk perception that re-establishes its "digital gold" narrative over global economic growth concerns.

(Source：Cointelegraph)