{"id":221511,"date":"2022-02-25T10:30:38","date_gmt":"2022-02-25T10:30:38","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=221511"},"modified":"2022-02-25T10:10:04","modified_gmt":"2022-02-25T10:10:04","slug":"bitcoin-pulls-out-the-uno-reverse-card-on-gold","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-pulls-out-the-uno-reverse-card-on-gold\/","title":{"rendered":"Bitcoin pulls out the UNO reverse card on gold"},"content":{"rendered":"

Bitcoin bulls retaliated Thursday evening (GMT) to take back losses triggered by the Russia-Ukraine<\/a> crisis.<\/p>\n

The 20:00 (GMT) hourly candle peaked at $39,700, a 16% gain from the local bottom before sellers stepped in, driving the price down to close at $38,400, leaving a long top wick in the process.<\/p>\n

Since then, $BTC has been trading in a tight range between $37,800 and $39,000. But, with the Relative Strength Index (RSI) beginning to curl downwards, it appears as though momentum is waning for now.<\/p>\n

\"Bitcoin
Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n

In contrast, the reverse situation played out for gold. It peaked at $1,975\/oz before bottoming at $1,880\/oz, giving up all of Thursday's gains.<\/p>\n

Normal business is resumed<\/h2>\n

Bloomberg writer David Ingles<\/a> superimposed the Bitcoin and gold price charts showing a negative correlation between the two.<\/p>\n

Ingles commented that risk appetite has returned, despite the ongoing uncertainty in Eastern Europe, as evidenced by stocks closing higher on Thursday.<\/p>\n

\"Bitcoin
Source: @DavidInglesTV on Twitter.com<\/a><\/figcaption><\/figure>\n

“Chart update: Gold and Bitcoin retrace back as market risk appetite returns with US stocks closing higher Thursday.”<\/span><\/p><\/blockquote>\n

Twitter user @ceterispar1bus<\/span><\/a> chipped in with a more cutting response, saying while yesterday's events set off a significant pump for gold, given the gravity of the situation, it wasn't something to be celebrated.<\/p>\n

Signing off, he said he doesn't see the fascination with gold as an investment, considering its inability to hold onto those gains.<\/p>\n

“gold investors got their one idiosyncratic rally in a decade that was ~4% during a humanitarian crisis where you couldn\u2019t even enjoy it unless you\u2019re just a piece of shit only to retrace the whole move in less than 24h. just don\u2019t know how people see the appeal of it anymore.<\/span>“<\/p><\/blockquote>\n

Is Bitcoin a safe haven or not?<\/h2>\n

Thursday's sell-off provided further evidence that Bitcoin is a risk-on asset, contrary to the aspirations of its founder. Another example was the covid drawdown in March 2020, which saw a near 60% loss over seven days.<\/p>\n

Simon Moore<\/a>, ex-Chief Investment Officer at Moola and FutureAdvisor, attributes this response to the different types of $BTC investors. During times of panic, speculators dominate price action and a more willing to exit their position. Whereas, if long-term holders had the upper hand, Bitcoin would display a more stable response to chaotic events.<\/p>\n

“it\u2019s not surprising that speculators would sell at times of market stress. On the other hand, if it were owned by long-term investors, then pricing might be more stable when the market is under duress.”<\/p><\/blockquote>\n

Moore concludes that Bitcoin's investor base may evolve over time, leading to maturation as a safe haven asset. But for now, it cannot be considered a flight to safety.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin bulls retaliated Thursday evening (GMT) to take back losses triggered by the Russia-Ukraine crisis. The 20:00 (GMT) hourly candle peaked at $39,700, a 16% gain from the local bottom before sellers stepped in, driving the price down to close at $38,400, leaving a long top wick in the process. Since then, $BTC has been […]<\/p>\n","protected":false},"author":460,"featured_media":221574,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nBitcoin pulls out the UNO reverse card on gold<\/title>\n<meta name=\"description\" content=\"Bitcoin bounces making back all of Thursday's losses, at the same time gold returns its gains throwing confusion on what constitutes a safe haven asset.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitcoin-pulls-out-the-uno-reverse-card-on-gold\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin pulls out the UNO reverse card on gold\" \/>\n<meta property=\"og:description\" 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