Price Analysis
Gold has just made a new lifetime high yesterday, eclipsing the previous high made in 2011. This is possibly the result of investors buying the asset as a way to hedge against the possible debasing of fiat currencies due to the huge stimulus packages announced by various central banks around the world.
To date, gold has rallied just over 25% under very favorable circumstances, while Bitcoin (BTC) is up about 50% even when it has been out of favor among investors. This shows that the relatively new asset is braving its first crisis since formation and outperforming traditional safe havens with ease.
Daily cryptocurrency market performance
Today, the top-ranked asset on CoinMarketCap followed gold higher by breaking sharply above a stiff overhead resistance at $10,500. This is likely to improve sentiment across the crypto space and also attract new investors.
If institutional investors decide to allocate even a small portion of their funds into Bitcoin, the rest of the year could see a sharp rally.
BTC/USD
Bitcoin (BTC) has broken out of the critical overhead resistance at $10,500. This completed three different bullish setups that can provide the traders with short-term, medium-term, and long-term target objectives.
BTC/USD Hourly chart
BTC/USD daily chart. Source: Bitcoin Ticker Widget.
The price has closed (WAT time)above $10,400, it has completed the bullish ascending triangle pattern that has a target objective of $11,870.50. This is the short-term target.
Next, if the BTC/USD pair closes (WAT