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Bitcoin’s relationship with gold strengthens again

Bitcoin slipped 1.81% against USD by the close on February 4. During the session, the price action dropped to $36,161. The weakening of Bitcoin and other cryptocurrencies coincided with a sharp decrease in gold and an increase in 10-year US Treasury yields.

Notably, 10-year yields rose 6.65% to 1.1546 amid rising expectations for a huge-ramp-up in US fiscal spending. The upturn was also attributable to mass vaccination, which is expected to help speed up the recovery of the US economy. Against this backdrop, the S&P 500 retraced to its all-time high.

During the European session, buyers pared the decline in five hours. The price action hovered near the trendline at $37,689 (+2.03%). The external backdrop for Bitcoin generally looks quite good. The greenback is in the red against major currencies, while gold is on the rise, and 10-year yields are in decline.

If Bitcoin is starting to make a connection again with other assets, then today it is worth paying attention to the release of North American macro data. The non-farm payrolls report for January is due out at 13:30 GMT. It usually exerts a strong impact on the dollar, but for no longer than three hours.

·         Resistance levels: $38,637, $39,015 and $41,570

·         Support levels: $32,820, $35,580 and $36,835

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