Tokenized bitcoin (BTC) is coming to the Tezos blockchain.

Announced Wednesday, the Bitcoin Association Switzerland, Tezos Foundation and multiple partners will issue the first tokenized version of bitcoin on the Tezos blockchain, tzBTC. The asset will also be the first vehicle for Tezos-based decentralized finance (DeFi), according to a press release from the association.

Each tzBTC represents one bitcoin on the Bitcoin blockchain and is minted under the new FA1.2 Tezos token standard.

The tzBTC brings the brand and liquidity of Bitcoin to the Tezos blockchain and gains the potential for rich functionality made possible by Tezos smart contracts, Bitcoin Association Switzerland President Lucas Betschart said in a statement.

Another wrapped bitcoin project was announced for Ethereum last week, tBTC. Building a bridge that allows Bitcoin to interact with DeFi makes a lot of sense, investor Fred Ehrsam said of that project. Adding a bridge for Tezos to the most liquid cryptocurrency follows a similar logic.

Roman Schnider, CFO and head of operations at the Tezos Foundation, said the addition of bitcoin is just the tip of the spear as the community builds out DeFi products on Tezos.

This is kind of the first [wrapped] product that we see and there's not much you can trade against at the moment, but there is a roadmap, Schnider said in a phone interview.

Next up, Schnider said, are atomic swaps for building out DeFi exchanges and perhaps a wrapped ether (ETH) token.

tzBTC wont be alone on Tezos, however. The token could soon be joined by Tezos-based DeFi protocol StakerDAO, which is planning to launch this quarter, according to its website. StakerDAO automates capital allocation for staking on various protocols to earn yield for investors.

tzBTC will be overseen by numerous organizations, according to the tokens website. Bitcoin Association Switzerland will regulate keyholders who mint and burn tzBTC. Keyholders include Swiss crypto firms Inacta, Lexr, Swiss Crypto Tokens and Taurus.

Betschart told CoinDesk the idea first originated with Swiss Crypto Tokens, but the non-profit took up the project which retains a bitcoin-first bent.

Our interest is to push the adoption of bitcoin. So we're already involved with some other things to make bitcoin even more usable, Betschart said.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

See the original post here:
Wrapped Bitcoin Aims to Kick-Start DeFi on Tezos Blockchain - CoinDesk

The new and now often-cited connection between bitcoin (BTC) and global equities doesnt just mean they fall together.

Sometimes, it means they rally on potentially good news. And that seems to be the case on Monday, as positive data on the war on the coronavirus offer hope to the markets that better days may come soon.

The price of bitcoin is at $7,145 as of 13:45 UTC (8:45 a.m. Eastern time), a 5 percent gain from the previous 24 hours. The move began during Asian equity market trading hours as Japans Nikkei index moved up 4.2 percent. Futures contracts on the Dow Jones Industrial Average also had some sunshine around then, indicating a more than 700-point gain when New York traders heard their opening bell.

Part of that optimism in stock markets and in cryptocurrencies stems from a few glimmers of hope on the coronavirus front.

Looks like we're piggybacking on equities with some data possibly indicating virus peaking coming out of a few of the European countries, said Dave Vizsolyi, head of trading at Chicago-based proprietary crypto trading firm DV Chain.

To be sure, cryptocurrency markets often gyrate with little rhyme or reason, and an original selling point of bitcoin was as a non-correlated asset, indifferent to movements in traditional markets. However, during the recent crisis, the bellwether digital asset has tended to track the incumbents.

Daily new cases are slowing in places like Italy, where they have stayed in the 4,000 range since March 30; at its peak on March 21, over 6,500 new cases were reported. New York, the hardest-hit state in the U.S., saw a slight drop in coronavirus-related deaths; 4,159 lives were lost in the Empire State so far, but Sunday saw the first daily drop in fatalities since the crisis began.

Thats not to say the week promises to be easy on the UnitedStates, where there are more than 300,000 cases, a quarter of the worlds total.

This is going to be the hardest and saddest week of mostAmericans lives, U.S. Surgeon General Jerome M. Adams saidon Fox News over the weekend. This is going to be our Pearl Harbor moment,our 9/11 moment, only its not going to be localized. Its going to behappening all over the country.

However, his commander-in-chief, President Donald Trump, took a more glass-half-full approach, proclaiming in all-caps LIGHT AT THE END OF THE TUNNEL on his preferred method of communication, Twitter.

Nonetheless, some in the crypto markets arent sold on the idea that the worst is behind us.

Paxos exchange CEO Chad Cascarilla warned of a grim picture on Patrick OShaughnessys podcast, Invest Like the Best, if fiscal and monetary stimulus prove too little, too late.

Cascarilla sees about a 25 percent chance the U.S. would need a bank holiday similar to what happened in the Great Depression and even some nationalization in its financial sector.

It looks likely that were in a depression for at least aquarter or two, Cascarilla said. If youre in that for more than two quarters,I think you need to have bank failures. The market would have a really hardtime digesting that. If we need to fill a $6 trillion hole, Im not sure we cando that in time before the feedback loops kick in. And then you can end up witha bank holiday and nationalization.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

See original here:
Bitcoin, Stock Markets Rally on Signs of Hope in Pandemic - CoinDesk

Both bitcoin and the U.S. stock markets have witnessed a notable recovery rally over the past couple of weeks, but it's the cryptocurrency that's taken the lead.

Bitcoin (BTC) clocked a 3.5-week high of $7,459 early on Tuesday, meaning the cryptocurrency was up 4.2 percent from the yearly opening price of $7,160. Since then prices have fallen back slightly, putting the year-to-date gain at around 3.2 percent.

Meanwhile, the U.S. stock markets are still trading in the red on a YTD basis. The S&P 500, Wall Streets equity index, has pulled off a strong 21.5 percent rally from lows near $2,190 reached on March 23, but even so it's still down 17.5 percent for the year.

Gold, a classic haven asset, has gained around 2 percent so far since Jan. 1.

At press time, bitcoin is changing hands near $7,445 up around 90 percent from the low of $3,867 observed on March 13, according to CoinDesks Bitcoin Price Index.

As bitcoin looks to be moving in tandem with the equity markets, what's behind bitcoins outperformance of the S&P 500 on a year-to-date basis?

Bitcoin may be gaining altitude because the market is now dominated by long-term investors who believe in the narrative that the cryptocurrency is a hedge against global economic duress brought on by the coronavirus pandemic.

Bitcoins rapid drop from $8,000 to $3,867 seen on March 12 and March 13 was mainly fueled by long liquidations by institutions and macro traders. These non-crypto dedicated participants squared off their long positions to raise the cash needed to fund margin calls, said Richard Rosenblum, co-head of trading at GSR.

Following the liquidations, the market is primarily made up of crypto-native firms and long investors. Not surprisingly, bitcoin is acting more bullish, Rosenblum said.

The coronavirus-led sell-off in the equity markets, triggered a global dash for cash, which saw macro traders sell everything from gold to bitcoin.

Derivatives market data does suggest institutions took a break from the crypto markets in March. Open interest, or open contracts, in futures listed on global exchanges fell from $4 billion on March 11 to $2 billion on March 14, according to data from research firm Skew.

The cryptocurrency is expected to maintain its upward trajectory and challenge the high of $8,000 seen just before the March 12 sell-off.

Bitcoin is within shouting distance of its March meltdown level, and could make par by the weekend, Jehan Chu, co-founder and managing partner at Hong Kong-based blockchain investment and trading firm Kenetic told CoinDesk.

Chu, however, warned the cryptocurrency is still on uncertain ground and could slip back below $7,000. A pullback may be seen if key resistance near $7,480 proves a tough nut to crack.

Daily and 4-hour charts

Bitcoin charted a green marubozu candle on Monday (above left), which comprises a big body and small or no wicks. The candle indicates buyers were in control from the open to the close, reflecting strong bullish sentiment.

The pattern strengthened the case for a rally to $8,000 put forward by a pennant breakout confirmed last week.

So far, however, the buyers have failed to challenge the 50-day average hurdle at $7,482. Bitcoin narrowly missed passing the average resistance early on Tuesday, with prices dropping back from $7,459.

If the hurdle continues to cap upside during the U.S. trading hours, an overbought reading on the 4-hour chart relative strength index would gain credence, possibly yielding a drop to the daily chart rising channel support, currently at $6,810.

Disclosure:The author holds no cryptocurrency at the time of writing

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Originally posted here:
Up 3%: Bitcoin Leaves S&P 500 Behind in Year-to-Date Recovery - CoinDesk

Bitcoin has rebounded this week, climbing along with gold and other safe-havens as major stock markets struggle.

The bitcoin price is up just over 2% over the last weekmaking strong gains yesterday as investors search for somewhere to put their cash.

However, one major cryptocurrency has outpaced bitcoin's gains over the last week and is still rocketing higher.

Bitcoin and cryptocurrency investors have been hard hit by the coronavirus crisis but the bitcoin ... [+] price has begun to climb again this week--outpaced by just a handful of smaller cryptocurrencies.

The privacy-focused cryptocurrency monero, currently ranked as the 11th most valuable cryptocurrency on data site CoinMarketCap with a total value of just under $1 billion, has added almost 5% in the past weekbeating bitcoin's gains.

Monero, which masks the identity of users better than the likes of bitcoin, is up by over 6% over the last 24-hour trading period, soaring as the broader cryptocurrency market climbed.

The precise reason for monero's sudden surge wasn't immediately clear, though there have been a number of positive developments for the bitcoin rival over recent months.

Monero developers recently rolled out an update to its Carbon Chameleon software, designed to improve transaction execution and how the cryptocurrency works with the privacy networks Tor and I2P.

Monero and privacy coins have also recently gained support from some high profile figures in the tech and crypto industry.

"I think well also see privacy integrated into one of the dominant chains in the 2020s," Coinbase's chief executive Brian Armstrong wrote in a blog post back in January.

"Just like how the internet launched with HTTP, and only later introduced HTTPS as a default on many websites, I believe well eventually see a privacy coin or blockchain with built in privacy features get mainstream adoption in the 2020s. It doesnt make sense in most cases to broadcast every payment you make on a transparent ledger."

The monero price has surged over the last week, beating out bitcoin itself as the broader ... [+] cryptocurrency market bounces back.

John McAfee, the controversial and outspoken antivirus software developer and curve-ball U.S. presidential candidate, named monero as his cryptocurrency of choice earlier this year.

McAfee, who has reneged on his promise to "eat [his] own dick on national television" if the bitcoin price didn't hit $500,000 per bitcoin by the end of 2020, praised monero, along with ethereum, the second most valuable cryptocurrency after bitcoin.

McAfee made similar allusions to monero's technological superiority over bitcoin.

"Bitcoin was first. It's an ancient technology. All know it," McAfee said via Twitter before recommending monero to cryptocurrency users.

"Newer blockchains have privacy, smart contracts, distributed apps and more. Bitcoin is our future? Was the Model T the future of the automobile?"

Continue reading here:
Just One Major Cryptocurrency Is Outperforming Bitcoin Right Now And Its Climbing Fast - Forbes

Data from CoinMetrics shows that roughly one-third of the circulating supply of Bitcoin Cash (BCH) has never been touched.

Coinmetrics also estimates that 2.3 million Bitcoins (BTC) have not moved in over five years comprising 12.5% of the nearly 18.4 million BTC in circulation.

On April 6, Coinmetrics published data indicating that 6 million BCH has not moved since the blockchain forked off from Bitcoin on Aug.1, 2017.

With nearly 18.4 million BCH in circulation, 32.6% of existing coins are either lost or being held for the long-term.

Coinmetrics also estimates that 12.5% of the circulating supply of BTC has not moved in over five years.

The data varies significantly from the analysis produced by Unchained Capitals Hodl Waves which estimates that nearly 4 million BTC or 21.65% of circulating supply has remained stagnant for five years or longer.

Hodl Waves indicates that the March 12 - 13 market meltdown saw the largest number of Bitcoins ever move on-chain, with 717,340 BTC or 3.9% of circulating moving in 24 hours.

The hard fork that created Bitcoin Cash in August 2017 is now the second-largest on-chain event in the history of Bitcoin, with 661,100 BTC or 4.1% of circulating coins moving in early August.

The third-largest day of on-chain activity took place as prices consolidated before the BTC crash of early November 2015, with 626,000 BTC or 4.2% of supply moving in 24 hours.

Read more here:
One-Third of Bitcoin Cash's Supply Has Never Been Touched - Cointelegraph

This week saw Bitcoin surging above the upper boundary of the previous consolidation pattern as the cryptocurrency penetrated above $6,800. It went on to break above resistance at $7,000 and $7,175 to reach the current trading level at $7,323.

A close above $7,400 would allow Bitcoin to continue further higher during the week to reach as high as $8,000 over the next few days.

BTC/USD Daily CHART SHORT TERM

Analyzing the daily chart above, we can see that Bitcoin cleanly broke the previous ascending triangle over the past 3-days as it went on to break above $7,000. It recently broke up above resistance at $7,175 which is provided by a bearish .618 Fibonacci Retracement level and is now using this as support moving forward.

Bitcoin is now certainly bullish in the short term but must break above $8,000 to turn bullish over a longer period of time.

If the buyers do continue higher above $7,500, the first level of resistance is located at $7,676 which is provided by a 1.618 Fibonacci Extension level. Above this, resistance lies at $8,073 (bearish .786 Fib Retracement), $8,200, and $8,600 (bearish .886 Fib Retracement).

On the other side, the first level of support is located at $7,175. Beneath this, support lies at $7,000, $6,800, $6,500, and $6,319.

The RSI has now broken above the 50 level to show that the buyers have now taken control of the market momentum.

Support: $7,174, $7,100, $7,000, $6,800, $6,500, $6,100, $6,000, $5,911, $5,786, $5,636, $5,600, $5,500, $5,467 $5,200, $5,000, $4,800, $4,672, $4,577, $4,139, $4,000, $3,912, $3,500, $3,436.

Resistance: $7,500, $7,676, $8,000, $8,073, $8,250, $8,461, $8,672, $8,979, $9,000, $9,100.

Summary

Article Name

Bitcoin Price Analysis: BTC Surges And Breaks Consolidation Pattern - Can We Hit $8K Next?

Description

Bitcoin increased by a small 1.5% today as the cryptocurrency trades at around $7,323.The cryptocurrency recently broke above resistance at $7,175 and is using this as support moving forward.

Author

Yaz Sheikh

Publisher Name

Coin Gape

Publisher Logo

Share on Facebook

Share on Twitter

Share on Linkedin

Share on Telegram

See the rest here:
Bitcoin Price Analysis: BTC Surges And Breaks Consolidation Pattern Can We Hit $8K Next? - Coingape

Bitcoin (BTC) price has gained more than 10% in the last week, giving bulls some hope that the road ahead is a bright one for the leading digital asset.

However, despite an effort to blast through the critical resistance level of $7,200 as mentioned in last weeks analysis, there was a huge rejection bringing home the reality that perhaps it may be a little too soon to be expecting a miraculous bounce back to the $8,000+ levels.

Daily crypto market performance. Source: Coin360.com

BTC USD daily chart. Source: TradingView

I think its safe to assume that Bitcoin has settled back into the descending channel that formed in the second half of 2019. As Bitcoin has now not only bounced off support on the daily, leaving nothing but a wick, but it has now done exactly the same with the resistance.

To me, this validates the channel even more so than before, as the price is currently following a path marked I marked out in yellow, on a video I published to YouTube on March 31. This was one of three scenarios I was waiting on, and the one I felt that was most likely.

As such, since Bitcoin cannot seem to break out above $7,200, it seems probable that bears might be about to regain control ahead of the much-anticipated halving event, and this puts $5,500 as the critical price to hold before cheap corn is back on the menu.

However, many key indicators are contradicting this sentiment.

BTC USD weekly MACD chart Source: TradingView

During sideways market periods, it is easy to get chopped up and spat out when working off lower time frames, and often a glance at a higher time frame can help validate your bias. However, one such indicator that isnt good for bears right now is the weekly moving average divergence convergence (MACD) indicator, as this is now mooing to the herd.

As can be seen from the chart, the MACD is already starting to pinch towards the signal line. Since we have had a relatively bullish week, we should see this move in even more so when the weekly candle closes, bringing us closer to a bullish cross, which typically results in a sustained uptrend, which almost always lasts over a month if not several.

However, right now, there are bigger things happening in the world that may invalidate this as a possibility, and my concern is that we will begin to see a significant reduction in retail buying power due to the rise in unemployment resulting from the coronavirus lockdowns.

While the worldwide quarantine is in the early stages with many believing it will only last a couple of weeks you only need to look at China to see that this will last a lot longer, so who exactly would be buying?

The answer may lie in the Relative Strength Index, which could be enticing smart money into crypto.

BTC USD weekly RSI chart Source: TradingView

The last time Bitcoin approached oversold territory on the weekly, it experienced a 300% price increase within six months as can be seen on the Relative Strength Index (RSI) indicator. This is based on the Dec. 10, 2018,pivot from 29.07 on the RSI scale.

However, Bitcoin had already experienced a bounce on the RSI on March 9, 2020, when it was 33.37 on the RSI scale, and even with the colossal dump on March 12, the RSI is still trending upwards. This brings to light two pertinent questions:

But perhaps another clue as to what can be expected from Bitcoin over the coming weeks can be found in the mining difficulty charts?

BTC mining difficulty. Source: BTC.com

The Bitcoin mining difficulty dropped by a monstrous -15.95% the biggest since 2011 on March 26, an adjustment that helped ease miners concerns surrounding profitability. This time last week, it looked as if the mining difficulty would drop by a further -14%.

However, as the week has progressed the adjustment estimate has dropped to just -2.2% and with three days left to go, this could end up closing as a positive adjustment.

You only have to look at the impact the positive adjustments had on the price of Bitcoin this year to see what this could be yet another bullish indicator.

All the indicators are bullish, so why does it feel bearish? Right now we are at the top of a valid channel, as such a breakout could well be imminent. For this to happen Bitcoin would need to flip $7K resistance into support and from here $8,200 looks like the next level of resistance we would encounter.

The price of Bitcoin has already doubled since its recent bottom, as such a pullback to $5,500 over the next week would be completely reasonable to expect.

If this level fails to hold, then it opens up $3,900 as a possibility. If bulls dont step in then, Id be very surprised.

The views and opinions expressed here are solely those of @officiallykeith and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Read more:
Bitcoin Flips Bullish But Heres Why BTC Price May Still Hit $3.9K - Cointelegraph

Bitcoin has climbed 10% this week, gaining along with gold as stock markets remain under significant pressurewith bitcoin's performance outpacing the Dow, the S&P 500 and the Nasdaq.

The bitcoin price, which is more-or-less flat for the year, has rebounded from lows of under $4,000 in mid-March (though just one major cryptocurrency is outperforming bitcoin).

The precise reason for bitcoin's rise was not immediately clear, though reports of an increase in bitcoin demand this week could herald a retail investor driven surge similar to bitcoin's epic 2017 rally.

The bitcoin price has climbed this week, adding some 10%, as traders and investors continue to steer ... [+] away from equity amid the coronavirus crisis.

"I havent seen this much organic new interest in bitcoin since early 2017 in my non-crypto circles," said well-known crypto investor Ari Paul, the co-founder and chief investment officer of BlockTower Capital, via Twitter.

Bitcoin's 2017 rally, which saw the bitcoin price soar from under $1,000 per bitcoin at the beginning of the year to around $20,000 by December, was largely driven by retail investors and so-called fear of missing out as early adopters became overnight millionaires.

"Got pinged by three separate old friends I havent spoken to in years about buying their first bitcoin yesterday," Ari added.

Meanwhile, some of the biggest bitcoin and cryptocurrency exchanges around the world have reported an uptick in both new users and trading volume.

Bitcoin exchanges Kraken, OKex, Bitfinex, Paxful, and Luno have all said they've seen an influx of new users since the coronavirus lockdown started, speaking to bitcoin and crypto news website Decrypt earlier this week.

U.S.-based Kraken reported an 83% increase in users with peer-to-peer bitcoin marketplace Paxful boasting it had doubled its signup rate.

The bitcoin price suddenly surged this week after trading sideways since it took a massive step down ... [+] last month.

"With Western governments struggling to contain COVID-19 and forcing cities and nations into blanket quarantines, individuals feel an urgent need to get out of the centralized financial system," Pierre Rochard, Kraken's bitcoin strategist, told Decrypt. "They can't go protest in the streets, so they protest with bitcoin."

Late last month, U.S. president Donald Trump signed a $2 trillion emergency relief package to try to offset the economic devastation wrought by the coronavirus pandemic, marking the biggest rescue deal of its kind in U.S. history.

Read the original:
Bitcoins Huge Surge This Week Could Be The Tip Of The Iceberg As Investors Recall 2017 Gold Rush - Forbes

Bitcoin is showing a few bearish signs below the $7,400 resistance area against the US Dollar. BTC price is currently declining and it could extend its weakness towards $7,100 or $6,800.

In the past two days, bitcoin bulls made more than two attempts to gain strength above the $7,400 and $7,500 levels against the US Dollar, but they failed. BTC price seems to be forming a short term topping pattern near the $7,440 level.

The last swing high was below $7,440 and the price is now trading below the 23.6% Fib retracement level of the upward move from the $7,080 low to $7,429 swing high.

More importantly, there was a break below a crucial bullish trend line with support near $7,300 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below the $7,280 level.

Bitcoin Price

An immediate support is near the $7,255 level. It is close to the 50% Fib retracement level of the upward move from the $7,080 low to $7,429 swing high. If there is a clear break below the $7,255 level, the bears are likely to take control in the short term.

The next major support is near the $7,150 level and the 100 hourly simple moving average, below which the bulls are likely to protect the $7,100 support area.

If the bulls fail to hold the $7,100 support area, the price is likely to continue lower below $7,000. The next stop for the bears may perhaps be $6,800.

On the upside, bitcoin is facing a strong resistance near the $7,400 and $7,500 levels. Therefore, the bulls need to gain momentum above the $7,500 zone.

If there is a successful break and close above $7,500, the price is likely to continue higher above $7,600. The next major resistance is near $7,800, above which the bulls could aim a test of $8,000.

Technical indicators:

Hourly MACD The MACD is currently losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) The RSI for BTC/USD is now below the 50 level.

Major Support Levels $7,150 followed by $7,100.

Major Resistance Levels $7,400, $7,500 and $7,800.

More:
Bulls Beware: Bitcoin Could Dive After This Key Technical Breakdown - newsBTC

Golden coin closeup

Which of the 2 investment vehicles might work better as a store of value? Would it be the classic precious metal of the old school or the more recently created technology accessed electronically?

If you excluded stocks and bonds from the concept and had to choose gold or bitcoin. Ones been around forever, the other is as new as it gets.

Over the past 2 or 3 weeks, the cryptocurrency has come back strong after a long period of decline. Compared, for example, to the stock market, bitcoin has more than held in there lately.

Whether it now falls into the store of value category remains a question, given how far its fallen from its all time highs.

Bitcoins daily price chart looks like this:

Bitcoin daily price chart, 4 4 20.

You can see how the cryptocurrency has rallied from mid-March to the present, from just under 5250 to just above 6700. Nice move except that its failed to make it back to that early February high of 10250.

Its not back to the September, 2018 high just above that. The trend here remains downward with a series of lower highs and lower lows.

Bitcoins weekly price chart looks like this:

Bitcoin weekly price chart, 4 4 20.

The last 3 weeks worth of rally is not all that dramatic when viewed on this time frame. Bitcoin has remained above the lows of that period from late 2018 into early 2019 but you can see how far off the price is from the June/July, 2019 highs and the late 2017 all time high of above 18000.

Note that the cryptocurrency has not yet been able to climb above the Ichimoku cloud on the weekly or daily price chart.

Gold looks like this on a daily price close basis:

Gold daily price chart, 4 4 20.

The month of March has yielded incredible volatility in commodity markets and the gold market did not escape it. Note, however, that somehow the price managed to stay above the late 2018 lows. Its rallied more than halfway back to the early March high and seems poised to retake a level back above the Ichimoku cloud. Its almost there.

Gold looks like this when viewed on a weekly basis:

Gold weekly price chart, 4 4 20.

This is the price chart of an uptrend that remains in place. The March dip took it below the November/December lows, but never sagged into or below the up trending Ichimoku cloud. This, despite the extraordinary massive levels of selling as indicated by the red volume bars for the period, seen below the price chart.

So, during the stock market sell-off and with government bonds yielding next to nothing (in return for safety) and with the price of oil in free fall, to which might investors turn: gold or bitcoin?

So far, Id say the precious metal, but who knows what the future holds especially in this strange and uncertain time. Under these circumstances, no matter what, I would be cautious about declaring anything a store of value.

I do not hold positions in these investments.No recommendations are made one way or the other.If you're an investor, you'd want to look much deeper into each of these situations. You can lose money trading or investing in stocks and other instruments. Always do your own independent research, due diligence and seek professional advice from a licensed investment advisor.

See the article here:
The Price Of Gold And The Price Of Bitcoin - Forbes