Inverse Relationship Between Gold And Bitcoin Continues To Widen

Bitcoin was trading north of the $40,000 levels, as it managed to break above key resistance. The first cryptocurrency by market cap sits at $45,044, at the time of writing, with small losses after a strong rally pushed it high from the lows at $30,000. Bitcoin and the crypto market have been negatively reacting to the events coming from Washington as the Senates approved the infrastructure bill without the amendments to exclude certain entities from tax requirements. The fight will continue in other government institutions. Our effort to get a vote on a digital asset fix failed because other senators refused to set aside their disagreements to support something they could actually agree on. Thanks @SenToomey for explaining this at the end of our effort on the floor.https://t.co/Lok8EWK1Eb — Senator Cynthia Lummis (@SenLummis) August 9, 2021 Despite the news, BTC has held support at its current levels. In the meantime, other commodities as taken a turn to the downside. After a major rally during March and May 2021, Gold (XAU) fell from $1,800 to its current price at $1,731 strengthen the theory that there is an inverse correlation between the precious metal and Bitcoin. Trader Adam Mancini believes Gold crashed after it failed to clear its 200 daily moving average (DMA) and losing support north of $1,830. Mancini expects the precious metal to hold support at $1,745 or it risked to dropped further to $1,690. The critical ...