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Bitcoin rises above $78,000 as gold hits fresh daily highs

Bitcoin was around $77,300 after a 22% weekly gain, while gold rose to $4,666 an ounce.

Reported · Written up by our desk · Market Structure

Bitcoin pushed to about $78,400, up nearly 1% over the past 24 hours, as gold climbed to roughly $4,666 an ounce, gaining more than 1.3% in the same period, according to CoinDesk live market updates. CoinDesk also noted that traders appear to be watching how crypto leverage unwinds after last week’s momentum, with Bitcoin trading near $77,300 on Monday following a 22% weekly gain.

According to Laser Digital’s derivatives desk, options positioning for the next few weeks looks set for a sharper move lower than higher, citing an expected volatility bump near term and a lopsided build in leveraged long bets after many short sellers were wiped out in a squeeze.

The desk said a downside move could trigger long liquidations and forced selling, while a grind higher would be cleaner because there would be fewer shorts left to squeeze, with Bitcoin’s next major resistance identified around $81,033, the 50-week moving average.

Latest closeGold $4,157.80 ▲0.4%|Bitcoin $81,906.63 ▼1.4%

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