Bitcoin (BTC) has demonstrated notable resilience amid widespread macroeconomic uncertainty, but the zone between $91,000 and $92,000 still poses a threat to an extended upward movement.
The latest edition of the “Bitfinex Alpha” report highlighted that BTC rebounded sharply, even as traditional markets continued to experience heightened volatility. Bitcoin recovered more than 16% from its recent lows despite facing a 32% drawdown earlier in the current market cycle.
Market uncertainty
The recovery comes as global markets react to increasing trade tensions and policy uncertainty in the US. Federal Reserve Chair Jerome Powell emphasized a data-dependent approach to interest rates, warning that sudden shifts in US trade policy could complicate the central bank’s dual mandate of maintaining stable inflation and employment.
Meanwhile, stock indices such as the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite experienced notable declines, while the US Treasury and bond markets reflected mounting stress.
Against this backdrop, traditional safe-haven assets, such as gold, have reached record highs, surpassing $3,400. Bitcoin, often considered a risk-sensitive asset, initially sold off alongside equities but has since staged a stronger recovery, trading around $87,500.
The report noted that Bitcoin’s correlation with gold strengthened during this period, suggesting that it is increasingly regarded as a complementary macro hedge rather than merely a speculative asset.
Resistance at realized price
Despite Bitcoin’s recovery, challenges remain for its upward momentum. CryptoQuant’s head of research, Julio Moreno, noted that Bitcoin faces resistance in the $91,000 to $92,000 range, an area aligned with traders’ on-chain realized prices.
The realized price is an important technical level for traders. When broader market conditions are bullish, this metric often serves as support. However, in bearish conditions, it tends to function as resistance.
Moreno said that current market conditions still fall into the latter category, suggesting that Bitcoin’s attempts to decisively breach the $92,000 mark could encounter continued selling pressure.
Nevertheless, Bitcoin’s ability to rebound in parallel with gold amid intensified volatility in equity and bond markets continues to outline its evolving role within diversified investment strategies.
As global trade policies evolve and monetary policy remains cautious, Bitcoin’s trading behavior further proves its maturation in broader financial market conditions.
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