🟡 Bitcoin Eyes $117K as Gold Soars Again
Wednesday saw Bitcoin (BTC) climb toward $117,000, as bulls shrugged off potential downside cues to mirror gold’s fresh all-time highs. The revival of this gold–Bitcoin correlation is reigniting excitement among traders.
As gold blazed past previous record levels, Bitcoin seemed poised to follow — with momentum pushing BTC toward critical resistance zones.
📉 Liquidity Risks Lurk Below
Yet, beneath the surface, major risks persist:
- Liquidity clusters below price: Large volumes of stuck orders lie just under current levels — a magnet for price to retest
- Long liquidation threats: If bulls lose grip, those trapped longs may get flushed
- Analysts like TheKingfisher and Ted Pillows warn both of vertical corrections and “fakeout” moves triggered by large players pulling strings.
“Massive long liquidations building just below current price… price often gets pulled to those zones.” — TheKingfisher (via X)
🔄 Gold & Bitcoin: A Relationship Rebalanced
For weeks, gold has raced upward — and now Bitcoin seems to be catching up. Some observations:
- When gold leads, BTC often trails, though with lag
- Now, BTC’s momentum is catching gold’s shadow, as traders treat gold’s strength as a bullish signal for crypto
- Analysts warn, however, of herding behavior in gold markets — too much consensus could signal overextension
As Andre Dragosch (Bitwise) noted, the gold rally may be overextended, and the rotation into BTC could just be starting.
📌 What to Watch Next
- Reclaiming $117,500: If BTC breaks and holds above this, new all-time highs may come
- Retest of liquidity zones: Watch for dips that attract sellers or flush weak hands
- Gold vs. BTC divergence: If gold stalls while BTC continues, correlation could break
- Macro triggers: Inflation prints, central bank signals, and institutional flows could tilt direction
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