Bitcoin, gold and stocks: a review for the week of February 21

Bitcoin has had an eventful week of new peaks, ceilings, and then retracements.

The price of gold rose over the weekend, but has since returned to virtually its lowest level of last week.

DJI and SPX prices rose in February, reaching new highs, then fell back to their respective supports.

BeInCrypto examines the evolution of the prices of Bitcoin (BTC), gold and certain stocks. New analyzes are available every week on our site!

A trying week for Bitcoin

It’s been a particularly hectic week for the BTC price. Two weeks ago, Bitcoin notably crossed the $ 50,000 threshold for the first time . It then went from a daily low of $ 50,933 to a new high of $ 58,413 on Sunday, February 21.

On February 22, Bitcoin fell nearly 13% in a massive 4-hour candle, where more than 404,256 positions were liquidated . This is the biggest drop in price since Tesla bought $ 1.5 billion worth of BTC, before the price crossed the $ 42,000 mark.

Separately, on the same day, US Treasury Secretary Janet Yellen said bitcoins are “highly speculative” and “inefficient” for transactions. Ms. Yellen even referred to the amount of energy consumed in processing BTC transactions, calling it “staggering”.

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The price of gold is bearish

While BTC has been booming since last year and until last weekend, gold has been falling since its peak of $ 2,075 per ounce reached last August.

Gold last week went from a daily low of $ 1,760 on Friday February 19 to a daily high of $ 1,860 on Tuesday February 23. It has since fallen back to what appears to be a support area, at around $ 1,770.

According to Tyler Langton, analyst at JP Morgan, there is actually support for the current price of gold. The analyst said the main sources of support lie in „real interest rates staying lower for longer and COVID-19-related stimulus measures continuing to widen central bank balance sheets.“

As Craig Erlam, senior market analyst at Oanda, a foreign exchange firm, also said on January 26: “Gold is in trouble again and the near-term outlook is not very good for the metal. precious. The rise in yields as well as the current dollar jump are increasing the pressure on gold and, unless the bond markets turn around, it is difficult to see its situation improving ”.

DJI and SPX shares

This February, the Dow Jones Industrial Average (DJI) hit its all-time highs to date, especially after a low of $ 29,856 on January 29. During the first week of February, the price hit what became a support level, just below $ 31,300.

Since then, the course has been testing this medium. Last week, it rebounded between that support and resistance at around $ 31,650, before breaking the latter on February 24 to hit a new high of $ 32,009. The price has since returned to support of around $ 31,300.

Dieser Beitrag wurde am 1. März 2021 veröffentlicht, in Bitcoin. Setze ein Lesezeichen mit dem Permanentlink.