Bitcoin Below $80K as Gold Cools on Falling Yields
Bitcoin's price slipped below $80,000 on Tuesday as both crypto and gold retreated. The decline comes after Bitcoin briefly touched 14-week highs of $81,265. Gold also pulled back sharply, with its price hitting local lows of $4,605 per ounce.
The sell pressure at the $80,000 zone proved difficult to flip into support, with traders having previously flagged this level as an area of strong sell pressure. The US Treasury's announcement of larger debt buyback operations last week aimed to drive interest rates and yields lower, which may have contributed to the current market dynamics.
US stocks moved inversely to gold and crypto, with the S&P 500 and Nasdaq Composite posting daily gains of 0.2% and 0.5%, respectively. The comparative strength largely brushed off a brewing trade-tariff dispute between the US and Canada.