Market flows continue to favor traditional safe-haven assets, with gold and silver maintaining firm support as investors allocate capital toward defensive instruments amid persistent macroeconomic uncertainty and elevated risk aversion.
According to data cited by BTCUSA, Bitcoin has struggled to attract meaningful new demand. On-chain metrics point to limited accumulation activity, with prospective buyers showing reluctance to enter positions at current price levels, capping upside momentum.
Short-term holders add selling pressure
The report highlights short-term holders as a key source of selling pressure in recent sessions. These investors, typically more sensitive to price volatility, increased distribution during recent pullbacks, reinforcing Bitcoin’s inability to sustain a meaningful rebound.
Diverging investor sentiment across asset classes
The divergence underscores a clear split in investor sentiment between asset classes. Precious metals continue to benefit from their long-established role as stores of value during periods of uncertainty, while Bitcoin is increasingly being treated as a high-beta risk asset, underperforming defensive alternatives.
Bitcoin is currently trading near $87,178.67, marking a decline of roughly 22.5% over the past three months. Price action suggests the asset may remain range-bound as long as capital rotation into gold and silver persists.
A shift in overall risk appetite or a renewed surge in spot demand would likely be required before Bitcoin can challenge higher resistance levels, the analysis concluded.
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