Key Takeaways
- Gold and Bitcoin could see price rallies towards potential highs of $5,000 and $80,000, respectively, following bullish sentiment.
- US-Iran war could end soon as peace deal speculation sees crypto and traditional assets rally from lows.
- Bitcoin closes with a green candle after weeks of a bearish downtrend, as gold aims to recover from an 11% price crash in March.
The prices of Gold and Bitcoin are up once more following weeks of market uncertainty in the Middle East, as the traditional and crypto assets struggled to trade to the upside while holding firmly to their support zones of $4,000 and $60,000, respectively.
The news of a possible de-escalation of the Middle East war and a potential peace deal has seen trading assets rebound, with hopes of reaching new highs. The rally in Gold makes it a potential rebound from its low following a recent market crash, from a region of $5,200 per ounce to a region of $4,000, wiping out all its gains for the year.
Whereas Bitcoin has shown signs of a rebound following consecutive five weeks of market downturn, as the price closes out the month of March in the green for the first time. This price action has restored some sense of hope to the market, as expectations remain that it could continue to the upside.
Following the news of de-escalation, the price of gold could build bullish price action to the upside towards a high of $5,000; however, it could retest a strong demand zone around $4,500 before such a rebound.
On the other hand, Bitcoin has a chance of rallying back to its $80k high based on market analysis, price action, and sentiment surrounding the crypto asset.
Bitcoin Hopes of $80k Comes Back to Life as Gold Shows Bullish Signs
Source – Bitcoin Price Shows Bullish Signs from TradingView
Gold suffered an over 11% price crash in March, making it one of the toughest months for many traders in the space. This crash was the result of many uncertainties in the Middle East, which have led to extreme caution among traders and investors.
This further sparked panic as the price sold lower while the price of Oil continued to rally, but things are beginning to look much more reassuring for the traditional asset, as the price could gain much higher in the coming weeks.
While the price of gold could increase further, Bitcoin could also see a strong price boost to the upside following a recent rally from $60k to $68k, indicating strong buy orders around its demand.
The price of BTC faces resistance around $76,000, where it was rejected previously. A break and close above this region could help boost its price to the upside, potentially around $80,000. Overall price action for Bitcoin and gold looks strong to the upside.
FAQs
Is Gold price expected to rise or drop?
Gold price action is expected to trade higher towards $5,000 in the coming days, as the price rebounded to a strong high following the start of a new month.
Why is BTC going up
BTC is going up today as a result of the news of de-escalation between the US-Iran war as this event has affected the financial market in the last few weeks.
How does oil affect Bitcoin?
Oil prices do not directly affect Bitcoin prices; however, a scarcity of oil could affect the global energy market, which could also affect Bitcoin mining, allowing demand for the crypto asset to grow as the price gains some momentum to the upside.
Related Read
How Will Bitcoin and Gold React to the US-Iran War?
Bitcoin Crashes to $68k as Iran Threatens to Shut Down the Strait of Hormuz
XRP Price Prediction – What Happens to XRP Price if BTC Trades at $50k?
