{"id":392955,"date":"2019-08-14T00:02:09","date_gmt":"2019-08-14T00:02:09","guid":{"rendered":"https:\/\/ktsl888.com\/?p=392955"},"modified":"2019-08-28T15:58:36","modified_gmt":"2019-08-28T15:58:36","slug":"safe-haven-bitcoin-price-gold","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/safe-haven-bitcoin-price-gold\/","title":{"rendered":"Safe Haven? Bitcoin Price Falls Below $11,000 Alongside Gold Bull Rejection"},"content":{"rendered":"<p><a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> has been rallying throughout 2019, and most believe that the crypto asset is about to embark on its greatest bull run yet. As global economic tensions and uncertainty rise, so does the price of gold and its digital counterpart <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a>. The rise has only further driven <a href=\"https:\/\/ktsl888.com\/2019\/08\/05\/bitcoin-store-of-value-narrative-turning-toward-safe-haven-asset\/\">Bitcoin&#8217;s safe-haven asset narrativ<\/a>e, suggesting it&#8217;s the best store of value during times of economic collapse.<\/p>\n<p>Before the economy can collapse, the price of both Bitcoin and gold have begun to pull back, showing a continued correlation between the two safe-haven assets. Given gold&#8217;s longevity, it&#8217;ll always be favored as an <a href=\"https:\/\/ktsl888.com\/2019\/07\/09\/venture-capitalist-bitcoin-economic-hedge\/\">economic hedge<\/a>, but will this latest drop start to cause investors to question Bitcoin&#8217;s safe haven narrative or does the continued correlation only further solidify that the narrative has legitimacy?<\/p>\n<h2>Continued Correlation Between Gold and Bitcoin Price Movements Only Further Cements Safe Haven Narrative<\/h2>\n<p>Throughout much of 2019, Bitcoin price has grown substantially, making it the best performing asset of the year thus far. In recent weeks, as a trade war brewing between the United States and China heats up, gold &#8211; the long lauded safe-haven asset investors move capital into during economic downturns \u2013 has started to rise ahead of a potential economic collapse. The crypto asset skyrocketing alongside gold has only further driven the <a href=\"https:\/\/ktsl888.com\/2019\/08\/05\/bitcoin-store-of-value-narrative-turning-toward-safe-haven-asset\/\">recent narrative surrounding Bitcoin as a safe-haven asset<\/a> itself, due to its hard-coded digital scarcity.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/ktsl888.com\/2019\/07\/04\/bitcoin-gold-safe-haven-asset\/\">Prominent Investor: Mainstream Finance Is Now Considering Bitcoin As a Safe Haven Asset\u00a0<\/a><\/strong><\/em><\/p>\n<p>The positive sentiment and interest from institutional investors as a safe-haven asset has helped Bitcoin price climb as high as $13,800 before it was rejected. Over the last few weeks, the crypto asset has maintained much of its bullish momentum and made another attempt at retesting the former high.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-392956 size-large\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/08\/bitcoin-price-chart.png?resize=860%2C759\" alt=\"bitcoin price safe haven chart\" width=\"860\" height=\"759\"><\/p>\n<p>Gold, on the other hand, had a bull flag breakout, which has now been rejected back down to levels below where the breakout occurred. With Bitcoin price following gold with such parity, it&#8217;s not too surprising to see that BTC value has also fallen further, and has dipped below $11,000 on some exchanges. Price action has bulls trying to push the price of the leading crypto asset back above the important psychological price level.<\/p>\n<p>Gold, which rallied over $100 since the start of the month, saw a rejection that retraced roughly 50% of the gains. Since August 1, Bitcoin price rose from around $10,000 to $12,000 where it topped out, making the current price level a 50% retracement that is right in line with gold&#8217;s drop.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-392957 size-large\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/08\/gold-price-chart.png?resize=860%2C759\" alt=\"gold price chart\" width=\"860\" height=\"759\"><\/p>\n<p>The two assets have been tightly correlated for some time, and the more they show correlation the stronger <a href=\"https:\/\/ktsl888.com\/2019\/07\/09\/venture-capitalist-bitcoin-economic-hedge\/\">Bitcoin&#8217;s safe-haven asset narrative becomes<\/a>. Bitcoin, along with gold, has recently joined the same conversation as other safe-haven assets such as the Japanese yen and Swiss franc, all sought for their long-term relative stability, sans Bitcoin \u2013 known for its notorious volatility.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/ktsl888.com\/2019\/08\/05\/bitcoin-store-of-value-narrative-turning-toward-safe-haven-asset\/\">Bitcoin Store of Value Narrative Turning Toward Safe Haven Asset\u00a0<\/a><\/strong><\/em><\/p>\n<p>The increase comes from both institutional investors warming up to Bitcoin as they consider gold, and crypto investors taking an increased interest in gold as the global economy reaches the brink of potential destruction.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price has been rallying throughout 2019, and most believe that the crypto asset is about to embark on its greatest bull run yet. As global economic tensions and uncertainty rise, so does the price of gold and its digital counterpart Bitcoin. The rise has only further driven Bitcoin&#8217;s safe-haven asset narrative, suggesting it&#8217;s the best store of value during times of economic collapse. Before the economy can collapse, the price of both Bitcoin and gold have begun to pull back, showing a continued correlation between the two safe-haven assets. Given gold&#8217;s longevity, it&#8217;ll always be favored as an economic hedge, but will this latest drop start to cause investors to question Bitcoin&#8217;s safe haven narrative or does the continued correlation only further solidify that the narrative has legitimacy? Continued Correlation Between Gold and Bitcoin Price Movements Only Further Cements Safe Haven Narrative Throughout much of 2019, Bitcoin price has grown substantially, making it the best performing asset of the year thus far. In recent weeks, as a trade war brewing between the United States and China heats up, gold &#8211; the long lauded safe-haven asset investors move capital into during economic downturns \u2013 has started to rise ahead of a potential economic collapse. The crypto asset skyrocketing alongside gold has only further driven the recent narrative surrounding Bitcoin as a safe-haven asset itself, due to its hard-coded digital scarcity. Related Reading | Prominent Investor: Mainstream Finance Is Now Considering Bitcoin As a Safe Haven Asset\u00a0 The positive sentiment and interest from institutional investors as a safe-haven asset has helped Bitcoin price climb as high as $13,800 before it was rejected. Over the last few weeks, the crypto asset has maintained much of its bullish momentum and made another attempt at retesting the former high. Gold, on the other hand, had a bull flag breakout, which has now been rejected back down to levels below where the breakout occurred. With Bitcoin price following gold with such parity, it&#8217;s not too surprising to see that BTC value has also fallen further, and has dipped below $11,000 on some exchanges. Price action has bulls trying to push the price of the leading crypto asset back above the important psychological price level. Gold, which rallied over $100 since the start of the month, saw a rejection that retraced roughly 50% of the gains. Since August 1, Bitcoin price rose from around $10,000 to $12,000 where it topped out, making the current price level a 50% retracement that is right in line with gold&#8217;s drop. The two assets have been tightly correlated for some time, and the more they show correlation the stronger Bitcoin&#8217;s safe-haven asset narrative becomes. Bitcoin, along with gold, has recently joined the same conversation as other safe-haven assets such as the Japanese yen and Swiss franc, all sought for their long-term relative stability, sans Bitcoin \u2013 known for its notorious volatility. Related Reading | Bitcoin Store of Value Narrative Turning Toward Safe Haven Asset\u00a0 The increase comes from both institutional investors warming up to Bitcoin as they consider gold, and crypto investors taking an increased interest in gold as the global economy reaches the brink of potential destruction.<\/p>\n","protected":false},"author":517,"featured_media":392958,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,679,6664,2209,51429,6511],"class_list":["post-392955","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitcoin-price","tag-crypto","tag-gold","tag-safe-have-asset","tag-safe-haven"],"acf":[],"yoast_head":"\n<title>Safe Haven? Bitcoin Price Falls Below $11,000 Alongside Gold Bull Rejection<\/title>\n<meta name=\"description\" content=\"Bitcoin price has fallen below $11K just as gold is rejected from a bull flag breakout. Does the continued correlation help Bitcoin&#039;s safe haven narrative?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ktsl888.com\/news\/safe-haven-bitcoin-price-gold\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Safe Haven? Bitcoin Price Falls Below $11,000 Alongside Gold Bull Rejection\" \/>\n<meta property=\"og:description\" content=\"Bitcoin price has fallen below $11K just as gold is rejected from a bull flag breakout. Does the continued correlation help Bitcoin&#039;s safe haven narrative?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ktsl888.com\/news\/safe-haven-bitcoin-price-gold\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-14T00:02:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-08-28T15:58:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/08\/bitcoin-price-gold-safe-haven-shutterstock_1078017281-860x573.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"860\" \/>\n\t<meta property=\"og:image:height\" content=\"573\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; Severino\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/tonythebullBTC\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tony &quot;El Toro&quot; Severino\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/ktsl888.com\/news\/safe-haven-bitcoin-price-gold\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/ktsl888.com\/news\/safe-haven-bitcoin-price-gold\/\"},\"author\":{\"name\":\"Tony \\\"El Toro\\\" Severino\",\"@id\":\"https:\/\/ktsl888.com\/#\/schema\/person\/5322c9a09a6f19804bb578de17556a1d\"},\"headline\":\"Safe Haven? Bitcoin Price Falls Below $11,000 Alongside Gold Bull Rejection\",\"datePublished\":\"2019-08-14T00:02:09+00:00\",\"dateModified\":\"2019-08-28T15:58:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ktsl888.com\/news\/safe-haven-bitcoin-price-gold\/\"},\"wordCount\":532,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ktsl888.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/ktsl888.com\/news\/safe-haven-bitcoin-price-gold\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/08\/bitcoin-price-gold-safe-haven-shutterstock_1078017281.jpg?fit=5616%2C3744\",\"keywords\":[\"bitcoin\",\"bitcoin price\",\"crypto\",\"gold\",\"safe have asset\",\"safe haven\"],\"articleSection\":[\"Bitcoin\",\"Cryptocurrency Market News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ktsl888.com\/news\/safe-haven-bitcoin-price-gold\/#respond\"]}],\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\/\/ktsl888.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ktsl888.com\/news\/safe-haven-bitcoin-price-gold\/\",\"url\":\"https:\/\/ktsl888.com\/news\/safe-haven-bitcoin-price-gold\/\",\"name\":\"Safe Haven? Bitcoin Price Falls Below $11,000 Alongside Gold Bull Rejection\",\"isPartOf\":{\"@id\":\"https:\/\/ktsl888.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/ktsl888.com\/news\/safe-haven-bitcoin-price-gold\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/ktsl888.com\/news\/safe-haven-bitcoin-price-gold\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/08\/bitcoin-price-gold-safe-haven-shutterstock_1078017281.jpg?fit=5616%2C3744\",\"datePublished\":\"2019-08-14T00:02:09+00:00\",\"dateModified\":\"2019-08-28T15:58:36+00:00\",\"description\":\"Bitcoin price has fallen below $11K just as gold is rejected from a bull flag breakout. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.\",\"sameAs\":[\"https:\/\/coinchartist.io\/\",\"https:\/\/www.instagram.com\/coinchartist_io\/\",\"https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC\",\"https:\/\/www.youtube.com\/@coinchartist_io\"],\"url\":\"https:\/\/ktsl888.com\/author\/tonymspilotro\/\"}]}<\/script>\n","yoast_head_json":{"title":"Safe Haven? Bitcoin Price Falls Below $11,000 Alongside Gold Bull Rejection","description":"Bitcoin price has fallen below $11K just as gold is rejected from a bull flag breakout. Does the continued correlation help Bitcoin's safe haven narrative?","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ktsl888.com\/news\/safe-haven-bitcoin-price-gold\/","og_locale":"en_US","og_type":"article","og_title":"Safe Haven? Bitcoin Price Falls Below $11,000 Alongside Gold Bull Rejection","og_description":"Bitcoin price has fallen below $11K just as gold is rejected from a bull flag breakout. 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Bitcoin Price Falls Below $11,000 Alongside Gold Bull Rejection","isPartOf":{"@id":"https:\/\/ktsl888.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ktsl888.com\/news\/safe-haven-bitcoin-price-gold\/#primaryimage"},"image":{"@id":"https:\/\/ktsl888.com\/news\/safe-haven-bitcoin-price-gold\/#primaryimage"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/08\/bitcoin-price-gold-safe-haven-shutterstock_1078017281.jpg?fit=5616%2C3744","datePublished":"2019-08-14T00:02:09+00:00","dateModified":"2019-08-28T15:58:36+00:00","description":"Bitcoin price has fallen below $11K just as gold is rejected from a bull flag breakout. 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/ktsl888.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Safe Haven? 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