The hidden reason bitcoin didn't rally as gold and silver went berserk
Against the backdrop of a significant rise in gold and silver prices in recent weeks, bitcoin has demonstrated a much more modest dynamic. According to CoinDesk data, traders are focusing on important resistance and support levels that do not allow the cryptocurrency to confidently rise above $90,000.
In particular, experts note a cluster of buy orders near the $87,500 mark, as well as constant selling pressure that does not allow bitcoin to consolidate above $90,000. This situation looks like a kind of "tug of war" between bulls and bears before the end of the month.
This is likely due to the fact that investors do not yet see compelling reasons for a sharp rise in bitcoin, despite favorable external factors. They may need a more significant driver, such as important news or events, to outweigh the current consolidation.
In general, the dynamics of bitcoin in recent times indicate that the cryptocurrency is not yet ready for a new powerful rally. Most likely, it will need time and additional stimuli to confidently overcome psychologically important resistance levels.