What a day in the markets… 🤯
Woke up to both gold (PAXG) and Bitcoin getting absolutely smashed.
PAXG dipped to around $4,398, while BTC is hovering near $68.8k. Definitely not the kind of red candles you want to see at the same time.
Feels like it all ties back to oil ripping above $100 again. With Iran tensions heating up, inflation fears are creeping back in. That’s shifting expectations around the Federal Reserve—rate cuts might get delayed, and now some are even whispering about another hike.
Stronger dollar, rising yields… and both gold and crypto take the hit.
On-chain, things look just as cautious. Bitcoin whale activity has gone quiet—transactions over $100k are sitting at their lowest levels in months. Big players don’t seem interested in making moves right now.
On the gold side, though, something interesting popped up. A whale pulled out 3,477 PAXG (~$15.7M) from OKX. That usually signals long-term holding… but clearly, it wasn’t enough to stop today’s selling pressure.
Technically, both assets are looking stretched.
PAXG RSI dropped to around 13, and BTC is near 28—levels where you’d normally expect at least some kind of bounce if buyers step in.
Bottom line: macro is in control right now. Oil, the dollar, and Fed expectations are driving everything.
Until that picture gets clearer, I’m just sitting on my hands.
Anyone else staying out, or are you trying to catch this move? 😅
#FedRateDecisions #GOLD_UPDATE #btc70k
