Bitcoin Trades Like Gold Amid Macro Market Volatility

Bitcoin has been trading more like gold than tech stocks in recent days, but this strong macro rally may not be a clean all-clear. The bond market is driving the move, and some analysts still see room for a lower price bottom before 2026.

On Thursday, Bitcoin broke above $82,000, its highest level since May, but then slipped back below $80,000 after stronger U.S. jobs data pushed rate-hike odds higher again.

This volatility is not surprising given the current market conditions, according to Bitwise's European head of research, Andre Dragosch. He noted that when macro pressure gets serious, investors tend to look for protection against currency debasement and discriminate less between Bitcoin and gold.