Bitcoin (CRYPTO:BTC) remained stuck below the $90,000 level at the Wall Street open on Friday as precious metals continued to push towards record territory.
Market data showed BTC trading near $88,700, extending a period of sideways movement while gold and silver attracted stronger momentum.
Chart data highlighted a growing divergence between Bitcoin’s muted price action and fresh highs forming across the precious metals complex.
Traders warned that macroeconomic pressure could still push BTC/USD towards lower levels before any sustained recovery takes hold.
Upside targets remained focused on the 2025 yearly open near $93,500, which many market participants view as a key technical magnet.
So my bullish outlook still has our going down overall to $75,000 to $70,000 region, but we revisit $100,000 first.
Crypto Tony said.
He added that Bitcoin would likely need to rally to the $93,000 area to close a remaining CME futures gap before any major upside continuation.
We would only see this happen if we get that leg up to $93,000 to close the CME gap IMO.
He said.
Crypto Tony described a move towards $85,000 as the most attractive long setup if support holds during further downside testing.
Bitcoin earlier filled a CME gap near $88,000 before rebounding slightly, leaving only higher gaps unresolved above current prices.
Liquidation data showed growing clusters around $88,300 and $90,100 as the US trading session began.
If the $86.8K level is lost and doesn’t get reclaimed quickly, I would assume we’ll start to see a test of the lows.
Michaël van de Poppe said.
He added that a break above $91,000 could trigger a stronger upside impulse in the short term.
Attention increasingly shifted to gold as prices pushed close to the psychologically significant $5,000 per ounce level.
Spot gold reached highs near $4,967 per ounce, while Bitcoin’s value measured in gold hovered near 18 ounces.
Technical indicators showed gold’s monthly RSI entering historically overbought territory, even as bullish projections persisted.
Capriole Investments founder Charles Edwards outlined a long-term scenario in which gold could rise dramatically over the coming years.
We have record high central bank gold accumulation, and China has increased its gold holdings tenfold over the past two years.
Edwards said.
He pointed to ongoing fiat money supply expansion of roughly 10.5% annually as a key driver pushing asset prices higher.
Edwards suggested the current cycle could mirror major 20th-century expansion phases across global markets.
If history rhymes, we can expect the gold price to trend between $12,000 and $23,000 over the coming three to eight years
He said.
At the time of reporting, Bitcoin price was $88,597.59.