This is possibly the first significant move where Bitcoin has fallen behind the rise in gold prices. However, this gap is unlikely to persist, and Bitcoin is expected to move closer to gold’s growth starting Monday, despite the negative impact of ETF selling on its progress.
Currently, Bitcoin is hovering above its daily and monthly support levels, completing the monthly correction phase within the second wave of the Elliott Wave theory (bearish wave). To initiate the upward third wave, the ongoing correction needs to be finalized, which could extend for more than three months. It is crucial to maintain the monthly support level throughout this period, so that Bitcoin can eventually navigate through the hourly, daily, and weekly timeframe and ABC corrections slowly. With the CME closed today and tomorrow, significant price movements are unlikely, but an intriguing Monday awaits.
Key Support: 55,200
Key Resistance: 62,000
