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Bitcoin Stalls While Gold Surges: Is $91K Next for BTC?
The latest Bitcoin rally ran into unfinished business on March 27, during a time of macroeconomic uncertainty and fresh U.S. trade tariffs weighing on risky assets. Although traders were optimistic about the future of Bitcoin’s cryptocurrency, gold continued to accelerate its growth, leaving Bitcoin behind in the wake of its rise.
Gold Outshines Bitcoin Amid Market Uncertainty
Bitcoin (BTC) experienced fluctuations in trading, but volatile trading returned after a Wall Street open. The data obtained from Cointelegraph Markets Pro and TradingView revealed BTC fluctuation in price, which is aligned with changes in U.S. stock markets.
The latest revision to U.S. GDP for Q4 was higher than expectations and came in at 2.3 percent. The initial unemployment claims fell below expectations and could pave the way to allow the Federal Reserve to maintain an aggressive stance, with a rise in rates of interest rates.
The main topic of debate was the effect on the economy of recently imposed U.S. tariffs on foreign-made vehicles, enacted by former President Donald Trump. These tariffs raised concerns regarding the possibility of another round of trade sanctions scheduled to go into effect on the 2nd of April.
“These tariffs are going to have MASSIVE implications,” stated the Kobeissi letter on X in which it emphasized the possible interruption to the U.K.’s trade in autos worth $10 billion towards the U.S.
Risk assets such as Bitcoin were unable to establish momentum in the face of these uncertainties. However, gold was the clear winner, and XAU/USD hit a record high of $3,059 an ounce. The trend is continuing, with gold prices rising as Bitcoin struggles to determine its direction.
“Gold has now added $7 trillion to its market cap over the last 12 months,” The Kobeissi Letter said, while pointing out the fact that gold is close to the record of $21 trillion market capitalization.
Bitcoin’s Next Target: $91K?
Despite Bitcoin’s troubles, some analysts were still positive. The popular trading expert Titan of Crypto discovered the bullish pennant pattern that appears on the BTC/USD chart for four hours which suggests an eventual rise up to $91,000.
This week, Titan of Crypto reported a break in the daily timeframes, indicating the end of a month-long downward trend. In addition, fellow analyst Mikybull Crypto outlined a more affluent BTC price goal of $112,000.
“Market structure is shifting – is the pump finally here?” asked another famous trader, Merlijn the Trader.
What’s Next for Bitcoin?
While market forces continue to move and pull the price of Bitcoin, investors remain hopeful about the next big shift. Gold is enjoying a boom in the face of economic turmoil, Bitcoin enthusiasts are eyeing the $91K price level as a possibility for a breakout.
Are you sure that Bitcoin will be able to free itself of its current stagnation, or will gold beat it shortly? Let us know your opinions in the comments below!
