Bitcoin price recovery tops out at $35,000 as billionaire Mark Cuban brands gold useless as an inflation hedge

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  • Bitcoin retreat from $35,000 could trigger more declines to $30,000.
  • Billionaire Mark Cuban believes Bitcoin is better than gold in almost all perspectives.

Bitcoin made a swing into recovery after the massive selloff to $29,000 earlier in the week. The flagship cryptocurrency closed the gap to $35,000 but failed to sustain the uptrend toward $40,000.

A retreat followed amid an upsurge in overhead pressure, leading to losses toward $32,000. If bulls fail to launch another assault mission toward $40,000, Bitcoin may dip toward $30,000 as sell orders are triggered.

Billionaire Mark Cuban says Its (Bitcoin) than gold

Bitcoin has, from the beginning, been promoted as digital gold. According to the billionaire investor and entrepreneur Mark Cuban, Bitcoin is better than gold, almost by all standards. For instance, he outlines that BTC is easier to trade, converge, fractionalize and transfer.

Regarding hedging against inflation, both Bitcoin and gold are used. However, Cuban says that the precious; metal “is useless, pretty much across the board, but particularly as a hedge.” In his opinion, “BTC is a digital asset that is similar to gold because they both are driven exclusively by supply and demand. BTC does a better job with both.”

In the meantime, Bitcoin price trades at $35,500 at the time of writing. The primary goal is to secure higher support, preferably at $32,000, to give way for the resumption of the uptrend.

However, the Relative Strength Index (RSI) confirms the growing bearish grip. Hence, there is a high probability of Bitcoin revisiting the support at $31,000 before a significant recovery comes into the picture.

BTC/USD four-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

On the upside, Bitcoin must settle above the upper range limit at $35,000 to reinforce the bulls’ presence in the market. Besides, the MACD still has a bullish outlook, hinting at the bulls’ ability to sustain the uptrend in the near term.

Bitcoin price intraday levels

Spot rate: $32,500

Trend: Bearish

Volatility: Low

Support: $31,000

Resistance: $35,000

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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