Bitcoin Demand Returns As Gold Faces Safe-Haven Test — Why $70,000 Is Critical Now
Bitcoin is gaining while gold stagnates, supported by returning US buying demand and strong holder accumulation, making $70,000 a critical resistance level.Summary
Bitcoin has gained 3.5% over the past week while gold remains flat, showing a divergence where BTC is holding ground despite a rising DXY and oil prices, factors that typically pressure risk assets. On-chain data indicates returning US buying demand via the Coinbase Premium Index turning positive, alongside an intact bullish RSI divergence on the daily chart. Furthermore, mid-to-long-term holders (155+ days) have increased accumulation eightfold between early February and early March, suggesting strong conviction at current price levels.
This strength contrasts sharply with gold, the traditional safe haven, which has corrected after recent highs and is trading flat despite geopolitical tensions driving up Brent crude and the DXY. This suggests a potential rotation from gold into Bitcoin.
The critical technical level for Bitcoin is $70,000, which aligns with the 0.618 Fibonacci extension and has rejected recent rallies. A confirmed daily close above $70,100 could pave the way toward $72,200 and potentially $74,900. Key support lies at $67,200, with a break below $62,400 signaling a deeper correction.
(Source：BeInCrypto)