Bitcoin fell today, retreating from a record high as the US government shutdown entered its seventh day. Bitcoin fell to the $121,000 range, still below Monday’s all-time high of $126,296, according to Bitbio data.
Despite the slight pullback, Bitcoin is up nearly 30% since the beginning of the year and is up nearly 9% over the past week.
Meanwhile, gold continued its historic rally, briefly topping $4,000 an ounce overnight, with futures trading at $3,980 early Tuesday, reflecting a 50% gain for the year.
At the time of writing, Bitcoin is trading at $122,096.
Markets appear largely unfazed by the shutdown, even after the Senate Failed to pass A Republican bill was released Monday to reopen government operations.
Bitcoin dips are for buying
Analysts say Bitcoin’s recent correction — from its all-time high to around $122,000 — is healthy and may set the stage for further gains. The $120,000 level is currently acting as a major support, while resistance appears near $135,000.
“In general, dips are for buying.” He said Market analyst Mags on
Onchain data confirms strong buying momentum. Glassnode reported that Bitcoin’s RSI rose from 44 to 66 over the past week, indicating growing market confidence.
Vitreous node He also pointed out Open interest in Bitcoin futures rose as traders added long positions during the breakout to new highs. The current pullback is testing these positions, and watching for buyers to intervene will reveal whether support levels can attract renewed demand.
The current financial impasse in the United States may increase demand for safe haven assets.
Jeffrey Kendrick, head of digital assets at Standard Chartered Bank, suggested last week that bitcoin could reach $135,000 soon and perhaps $200,000 by the end of the year if current conditions persist.
As mentioned earlier, gold continues to rise, supported by central bank purchases, a weak dollar, and expectations of future monetary easing from the Federal Reserve.
Investors appear to be positioning themselves for an extended period of policy uncertainty, with both Bitcoin and traditional safe havens benefiting from market tension.
The post Bitcoin Price Pulls Back From Record High To $122,000 Range first appeared on Investorempires.com.
