Analysis: Bitcoin Returns to Strong Zone, Crypto Market May Attract Capital Rotation from Precious Metals

Odaily News Bitcoin broke through $97,000 this week, breaching a key resistance level that had held for nearly two months. Although it had previously underperformed compared to the stock market and precious metals, it ultimately surpassed the $95,000 level that had capped its gains since November. As potential further fiat currency devaluation in the U.S. drives up precious metal prices, Bitcoin's relatively lower valuation compared to precious metals could stimulate capital rotation into digital assets. The market sentiment index has also shifted to "greed." On the regulatory front, the U.S. Senate Banking Committee has delayed revisions to its crypto market structure bill, and Coinbase has withdrawn its support for the bill, which may have some impact on the crypto market. (CoinDesk)