Gold Technicals and Bitcoin Troubles

Today's report expands beyond our usual gold-focused technical analysis to include an in-depth look at Bitcoin. Since we haven't covered cryptocurrency in some time, we felt it was appropriate to revisit this market—and to do so, I've asked our CTO Konrad Urbanowicz to take the helm.

The reason is simple: Konrad has far more comprehensive knowledge of cryptocurrencies than I do. While I've followed the crypto space, I've never been deeply involved in studying the theory and mechanics behind digital currencies. My fundamental issue has always been that Bitcoin has no intrinsic value—its price is driven purely by supply and demand dynamics, with limited real-world utilization at this stage.

To be clear: I'm not saying Bitcoin is worthless, nor am I suggesting it won't appreciate in value. I simply recognize that its price movement is entirely dependent on whether demand exceeds supply or vice versa, without the underlying fundamental support you find in assets like gold.

That said, I fully acknowledge that paper and coin currencies will eventually become relics of the past, replaced entirely by digital formats. However, we're not there yet.

Wishing you as always good trading,