According to a recent report By Bitfinex, Bitcoin (BTC) remains linked to a range between $ 91,000 and $ 102,000 in the midst of increased geopolitical uncertainty fueled by American commercial prices on countries like Canada, China and Mexico. The report stresses that the latest trends suggest that the BTC is more and more leading as an asset at risk rather than in a traditional value store.
Bitcoin behaving like an asset at risk
The BTC has been in the consolidation phase for more than 75 days, oscillating around the fork of $ 90,000 after falling from a new summit of all time (ATH) of $ 108,786, recorded on January 20. At the time of writing the BTC total market is 1.92 dollars.
The prolonged consolidation phase underlines the growing maturity of Bitcoin as an actor. In addition, the Volatility produced annualized by BTC has reached a historic hollow. However, despite these signs of stability, the report argues that Bitcoin behaves more like an asset at risk.
For example, the correlation of BTC with the S&P 500 remains high, while its relationship with gold has weakened. On an annual basis, Bitcoin won 3.5%, lagging against considerably compared to the 9% increase in Gold, which propelled the precious metal to a new ATH of $ 2,880 per ounce.
From the point of view of market capitalization, Gold added 1.5 billion of dollars of value this year, overshadowing a relatively modest increase of $ 66.5 billion in BTC. According to the report, this divergence is largely motivated by the purchase of institutional and sovereign funds promoting gold from the BTC due to the concerns concerning volatility and higher regulatory uncertainty of Bitcoin.
On the other hand, the funds negotiated in exchange for Bitcoin (ETF) have experienced high demand since their launch in the United States in January 2024. Data De Sosovalue shows that the ETF Spot BTC now hold a total of $ 114 billion in net assets. However, capital entries in the BTC FNB remain volatile, dictated mainly by the feeling of change of market.
A long -term value store remains intact
Although the BTC is disappeared by the recent Gold rally, the long -term value store of value associated with “digital gold” remains intact. The report highlights factors such as central banks increasing monetary supply – associated with risk of devaluation of Fiat – to strengthen the account of the fixed BTC offer.
In the short term, Bitcoin should be negotiated in a tight beach, with potential drop pressure if macroeconomic conditions deteriorate. However, favorable political developments – such as discussions on the United States creation A strategic bitcoin reserve – could strengthen the long -term perspectives of the BTC.
In addition, several American states such as Kentucky,, Kansas,, FloridaAnd South Dakota Already made progress in the establishment of their own BTC reserves, strengthening the narration of the value shop of digital assets. At the time of the press, BTC is negotiated at $ 97,015, down 0.2% in the last 24 hours.
Star image of Unsplash.com, tradingView.com graphic
