Gold Breakout Could Jolt Bitcoin Above $12k: Analysts

Bitcoin is fairly buoyant as we can see in the latest cryptocurrency news. We can see that the delay on the exchange-traded funds (ETF) by the United States regulators still has not affected the price of Bitcoin. However, according to analysts, a gold breakout could jolt Bitcoin above $12,000.

The BTC price is still unfazed by the Bitcoin ETF delay – and the coming altcoin news show no major changes in the prices of other cryptocurrencies. In fact, BTC/USD is still clinging to support above $11,000 this Tuesday as the fallout of another delay to a Bitcoin ETF hitting the market is impacting the markets less than ever before.

At press time, Bitcoin is down only by 0.22% while the 7% weekly losses contrast with the best weekly close of 2019 for Bitcoin which was set over the weekend. What’s interesting is that analysts are seeing a gold breakout as a major trigger for Bitcoin – even despite the exchange traded funds (ETFs) and their delay by the United States Securities and Exchange Commission (SEC).

Currently, analysts are looking to strength in gold to determine whether Bitcoin could likewise continue to expand. As many best cryptocurrency news sites reported, Bitcoin’s relationship to the precious metal as an investor safe haven gathered a lot of traction in the recent weeks, mostly because of the turmoil in China which coincided with a fresh boost for BTC/USD, leading it over $12,000.

As the crypto trader and developer known on Twitter as RideTheLighting said, a gold breakout is currently one of the short-term predictions and seeing a breakout. “Gold at HTF resistance, if it busts through I wonder if Bitcoin follows,” the analysts from this profile commented while uploading an accompanying chart.

Across the altcoin news and markets, we can see that tokens are fluctuating around Bitcoin and its sideways performance, gaining or losing up to a modest 2.5%. Out of the top twenty cryptocurrencies by market cap, Bitcoin Cash (BCH) is leading the way with a growth of 2% on the day, while Binance Coin (BNB) managed to pull of a 1% rise.

Ether (ETH), which is the largest altcoin, has also contracted 1.5% as a continued bearish trend took the token even lower against both USD and BTC.
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Ether has not traded at the current levels since March 2017.