$BTC
🔥Bitcoin drops again as gold approaches record high – Is a market movement imminent?
Bitcoin news worsened on December 16 as gold approached a record high of $4,305 an ounce. Bitcoin analysis shows that the cryptocurrency dropped below $86,000 after a sharp sell-off the previous day, wiping out $2 billion in long positions within an hour. Experts, including Ray Youssef and Michael van de Poppe, suggest that Bitcoin's weakness compared to gold may indicate a market reversal. Van de Poppe points out that Bitcoin's relative strength index (RSI) against gold has dropped below 30 four times, each time before a market low. ChainMind's on-chain data also indicates the potential for a Bitcoin rebound. The Bank of Japan meeting on December 19 could significantly impact future market developments.
