Cathie Wood Just Declared That “The Turnaround for Bitcoin Has Occurred”
ARK Invest CEO Cathie Wood says that digital coins are winning over safe assets as market trends shift. Speaking on an ARK Invest podcast, Wood pointed out that Bitcoin prices (BTC-USD) are rising while gold slips. During the talk, she shared the full quote: “Very nice turn. Bitcoin to gold—Bitcoin going up, gold down,” adding, “Recently, it’s been a negative correlation. So we do think the turn is in here for Bitcoin.” This means the two assets are now moving in opposite directions.
Cathie Wood Believes Digital Coins Are Winning Over Safe Assets
Wood explained her view by looking at how both assets move over time. Her team checked price data starting from 2019 and found that the old link between Bitcoin and gold was very weak, sitting near a 0.1 score.
However, this link has recently turned negative. When one asset goes up while the other drops, it shows that buyers are shifting funds toward digital coins. Wood and her team view this as a sign that the market is changing in favor of crypto.
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Bitcoin Slips Below $83,000 on Mounting Geopolitical Tensions
Looking past long-term trends, crypto prices face sudden drops due to outside news. Bitcoin fell about 1% to $82,517 as global markets reacted to mounting geopolitical tensions and surging energy costs.
Reports emerged that the White House asked the Pentagon for strike plans against Iran. This news caused crude oil to climb above $102 a barrel, driven further by a storm that shut down parts of U.S. oil output and attacks on Saudi airports. This sudden energy spike fueled new inflation fears across Wall Street.
At the same time, U.S. government bond yields pushed back near multi-decade highs not seen since 2002, with the 10-year yield hitting 5.31%. This price drop pushed Bitcoin past a key support level that could risk to a drop down to $80,000 BTC price.
Other major digital coins also took losses during the session. Ether dropped 3% to about $2,570 while XRP slid nearly 4% to $1.42 as market panic spread. At the same time, large leveraged trading bets were wiped out across the board, totaling about $550 million in liquidations.
Bitcoin’s Overall Price Setup Remains Strong
Traders can use moving averages to track the average price of a coin over a set period to see where the market is heading. Right now, Bitcoin trades a bit below its short-term moving averages of $84,178 and $83,390, which shows that near-term momentum is slowing down.
Even with those prie dips, Bitcoin is still safely above its longer medium-term moving averages sitting at $82,175 and $79,662. Looking even further back, the long-term moving average rests down at $71,802. While Bitcoin’s price feels heavy right now, these deeper historical price lines act as a safety net, showing that the overall market structure remains strong for the future.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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