Gold vs Bitcoin: Bitcoin Slips as ETF Outflows Jump

What to Watch Next

Bitcoin and gold prices remain under bearish pressure after the hot inflation data from the US. The gold price has broken below the key support of $4,000 while the Bitcoin price remains below the key support of $75,000. The US dollar has also broken above the key resistance of 102.60 which suggests that the dollar may continue to rally further in the short term. The 10-year US Treasury yield has also reached the 5% level after US CPI data.

The strength in the US dollar and US Treasury yields suggests further downside in gold and Bitcoin prices. If US dollar continues to rally after the US PPI data, it may signal further weakness in these assets. This suggests that the Bitcoin price may continue to drop toward the $60,000 level as long as the price remains below the $87,000 level. The Bitcoin to gold ratio also reaches the support level of 18. If this support in the ratio holds and creates rebound, Bitcoin may continue to outperform gold.

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