Bitcoin experienced a decline today, moving away from its previous peak as the U.S. government shutdown stretched into its seventh day. The cryptocurrency slipped to approximately $121,000, remaining below Monday’s all-time high of $126,296 according to Bitbio data.
Despite this slight decrease, Bitcoin has seen a significant rise of about 30% since the beginning of the year and has increased by roughly 9% over the past week.
Meanwhile, gold continued its impressive climb, briefly surpassing $4,000 per ounce overnight. Futures were trading at $3,980 early Tuesday morning, marking a 50% increase for the year.
As of now, Bitcoin is valued at $122,096.
The markets seem largely unaffected by the ongoing shutdown even after Monday’s failure in the Senate to pass a Republican proposal aimed at reopening government operations.
Buying Opportunities in Bitcoin Dips
Experts suggest that Bitcoin’s recent dip—from its record high down to around $122,000—is healthy and could pave the way for further growth. The level around $120k serves as crucial support while resistance is noted near $135k.
“Overall, dips are buying opportunities,” remarked market analyst Mags on X. A daily close above $123k might lead to additional gains.”
Onchain data highlights robust buying momentum with Glassnode reporting an increase in Bitcoin’s relative strength index from 44 to 66 over last week—indicating rising market confidence.
Glassnode also observed that open interest in bitcoin futures surged as traders went long during new highs’ breakout phases. This current pullback tests these positions—monitoring buyer activity will reveal if support levels can draw renewed demand.”
The ongoing fiscal stalemate within America may be boosting demand for perceived safe-haven assets like bitcoin.”
“Geoffrey Kendrick who heads digital assets division at Standard Chartered suggested last week bitcoin could soon reach $135K—and possibly hit $200K before year-end should present conditions persist.”
“Gold continues surging too driven by central bank purchases alongside dollar weakness amid expectations surrounding future Fed easing policies” he added “
”“Investors appear positioning themselves amidst prolonged policy uncertainty—with both cryptocurrencies & traditional safe havens benefiting amid prevailing market jitters” he concluded “This post titled ‘Bitcoin Price Pulls Back From Record High To Around One Hundred Twenty-Two Thousand Dollars Range While Momentum Remains Strong’ first appeared on ‘Bitcoin Magazine’, authored By Micah Zimmerman”