Bitcoin‘s attempt to return to its all-time high was thwarted as it traded just below $124,000 before the US stock market opened, after an hour and a half of trading. Bitcoin fell below $121,000. At the same time, a pullback occurred in the gold markets, but not in the silver ones.
On Thursday, for the first time in history, the price of silver rose 50% from its April lows, reaching $50 per ounce. This level triggered rapid profit-taking, causing the price to fall approximately 4% to $48,55 within minutes.
In the short term, the dynamics look unstable, as technical indicators point to the market becoming increasingly overbought.
In the medium term, the desire to hold ranges above $50 should continue, of course, if the macroeconomic situation and real yields remain favorable, wrote Daniela Sabin Hathorn, senior market analyst at Capital.com.
Gold, in turn, fell by 1% from $4100 per ounce to the current $4035.
Smaller cryptocurrencies saw even bigger declines, with Ether falling 3,5% to $4300, while BNB and DOGE lost 3-4% of their value.
Against this backdrop, Bitcoin’s market share has reached its highest level in nearly eight weeks, suggesting that traders are returning capital to the leading cryptocurrency.