Bitcoin Surges Past $80,000 as Gold Holds Ground Ahead of Potential Breakout

The three-river evening star candlestick pattern that was discussed throughout the week has completed, resulting in a $68 decline. However, the confirmation needed to act on this bearish signal was not received, and more importantly, gold held above its 200-day moving average.

This is precisely the level identified as a potential floor for gold prices. Despite the pullback to lower prices, it's likely that the time to buy has arrived, or even better at earlier entry points outlined over the past few weeks.

For traders seeking minimal risk exposure, waiting for gold to break back above $4,692, the 0.382 Fibonacci retracement level, before entering from the long side is a prudent approach.

Bitcoin and Solana have returned to full rally mode today, with SOL surging approximately 7.5% while BTC crossed above $80,000 for the first time in over 100 days.