(Technical Analysis) Bitcoin (BTC) Testing Technical Resistance, Gold (XAU) Nudging Higher

Bitcoin has reclaimed all of this week’s losses and is now trading at levels similar to those before last Friday’s Non-Farm Payroll (NFP) release, which had initially spooked risk markets with fears of a US recession. This week, those concerns have eased, leading to a strong rebound in risk markets, including Bitcoin. However, the chart still shows a negative bias after printing a new lower low. The 50-day and 200-day simple moving averages are currently being tested but have held up so far. For Bitcoin to move higher, it needs to break these moving averages convincingly. If BTC/USD surpasses $70k, it will face significant resistance from previous highs, with $72k being a notable double top. On the downside, $56.5k should act as a strong support level if tested.

The long-term gold chart remains optimistic, showing a pattern of slightly higher lows and higher highs. Since early April, gold has been moving sideways to slightly higher, with two previous attempts to break through resistance at $2,450/oz. being quickly reversed. It appears that gold is preparing for another push towards this resistance level, and if it succeeds, the all-time high of $2,485/oz. is likely to be tested soon.