Bitcoin's Macro Hedge Appeal Reignites $90k Breakout Hopes
The Bitcoin price has been consolidating below $90k, and investors are wondering what could push it higher. From a macro perspective, the yields on treasuries have risen, but the risk appetite remains repressed, with investors still hedging into safe havens.
A key catalyst may already be in place: the Bitcoin/gold ratio is pushing higher and looks ready to break above a significant level, which would be the second time since mid-August. This rotation could provide the liquidity required for a breakout, according to Jurrien Timmer, Director of Global Macro at Fidelity.
The $BTC/XAU ratio has ended Q3 up 37%+, making it the best quarterly gain since the Q4 2020 election-driven rally. Bitcoin's macro hedge appeal puts $90k back in focus, with Timmer highlighting that 'Bitcoin looks interesting to me at these levels'.