The surge in gold prices and relatively strong price action in Bitcoin (BTC) has a relatively strong price action amid the sale of global markets. Some traders are reexamining the latter role as “digital gold.”
BTC zoomed over $87,000 in Asian morning hours, with Cardano’s ADA, BNB, XRP and ether (ETH) added 1.5%. Spike reversed all declines from Thursday, with tokens such as Solana’s Sol up 5.2% over the past week.
The tariff-driven trade war caused fears of inflation and currency devaluation, prompting comparisons to gold’s historical role as an asset hedge.
“Bitcoin was closely correlated with US stocks, but appears to have been changing with strong links to rising prices of gold, a safe haven, while stocks are plunging.”
“Bitcoin has surpassed $87,000 as a sign of new investors’ trust as the market continues to stabilize after panic over tariffs. It is also worth noting that Bitcoin’s digital gold tale is taking off as both assets grow in parallel,” Luck said.
Gold set a new high on Monday, pushing over $3,380 per ounce, bringing annual profits to 25%. Bitcoin dropped more than 20% from its peak in January, but sent its assets to its highest level since Donald Trump’s “liberation day” in early April, with a push of $87,000 on Monday.
The pressure on the greenback continues to grow as the dollar index (DXY) hit its lowest level in three years, with most of the bad news being “prices”, pointing to Bitcoin being upside down in the coming days.
“Trump’s trend of removing Jerome Powell as Fed Chairman and forced interest rate cuts has caused people to sell US dollars and US government debt and move to gold, European bonds and other safe shelter assets, such as Bitcoin.”
“After all, when fees are reduced, more money will flow into money and underestimate the US dollar. In general, downward pressure on the US dollar has increased, which could be a driving catalyst for Bitcoin to become a safe shelter asset,” Mei added.
Meanwhile, there is a machine’s view on today’s market, powered by Coindesk Markets AI Bot.
Cardano’s ADA is above 63 cents, with a strong technical indicator that points to a continuing upward momentum despite macroeconomic headwinds.
Price action formed a clear ascending channel with strong support at $0.612 and was successfully held during multiple retests.
The notable volume spike occurred at 00:00 on 2025-04-21, when the volume reached 68m (average three times), propelling key resistance at $0.630.
Fibonacci’s expansion level suggests 64 cents as the next target, with the overall range of 0.031 (5.1%) indicating substantial volatility.
Despite the rally, the RSI is below the over-acquisition territory, suggesting that upward momentum could continue.
The near integration of previous resistance suggests accumulation rather than distribution.