Bitcoin lost a lot of value when it fell to just above $61,000. This was different from how it had been doing before. There is a strong voice against BTC called Michael Schiff. He said that this price is about the same as 26 ounces of gold. Bitcoin was worth 37 ounces of gold two and a half years ago. He did this to show how much it had dropped in value.
Schiff thinks that this 30% drop clarifies that BTC is now in a bear market. This is especially true compared to gold, which is generally considered a safe investment. Schiff says that when the price of gold is less than $20,000, it is a better investment than Bitcoin. But the fact that digital cash is worth about $65,000 has made people discuss it.
Bitcoin’s Price Dynamics: Crucial Support and Resistance Levels
The present value of Bitcoin is just above the moving average of the last 200 days. Near $49,800, this is a key support level. People who buy could still be sure that the price will increase if trade stays above this line for a while. But the level of $67,300 could be a hold. People might be less bearish if this barrier is broken, meaning the positive trend is about to change.
Some prices go up if they stay above $61,000 for a while and then keep going up past $67,300. That negative views are wrong is shown by this move, which could keep Bitcoin’s upward trend going. There are many ways to compare BTC and gold since they are used for different things and change value in the market differently.
Some people have always thought that gold was a safe investment. BTC, on the other hand, can be lost but can also be used as a bank. Seeing how much Bitcoin is worth in gold doesn’t give you a good idea of how strong the market is. People with funds are still watching Bitcoin to see if it gives them any ideas about what it might do next.
