Bitcoin (BTC) moved back inside a trading range on Tuesday as gold prices returned near the important thing $5,000 level.
Key points:
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Bitcoin is trading sideways while gold and silver attempt to erase earlier losses.
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Analysis stays divided on how the connection between Bitcoin and gold will evolve next.
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Bitwise’s CIO says the recent “crypto winter” is sort of over.
Bitcoin price of $80,000 stays out of reach
Data from TradingView showed that BTC price motion shied away from a retest of $80,000 and is now acting as resistance.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
BTC/USD showed familiar indecision on the day, again contrasting with precious metals which were actively attempting to recoup a few of their big losses of the previous couple of days.
XAU/USD rallied to $4,971, up greater than $500 from Monday's local lows.
XAU/USD one-hour chart. Source: Cointelegraph/TradingView
Silver, which fell to almost $71 after January's monthly candle close, was up greater than 11% on the day on the time of writing.
US stocks continued to be sensitive to earnings reports, with PayPal's failure causing its share price to fall by almost 20%.
BREAKING: PayPal stock, $PYPL, extends its decline to -19% on the day after weaker-than-expected fourth-quarter 2025 earnings, now at their lowest level since April 2017. pic.twitter.com/NHehCmeRgP
– The Kobeissi Letter (@KobeissiLetter) February 3, 2026
Assessing the situation, BTC price outlook hoped for a continuation of the historical interaction with bullish gold phases.
“Historically, $BTC and $GOLD have alternated, with gold calling the shots for the last 14 months or so. Typically, this is strictly when the digital gold narrative takes over,” trader Jelle wrote in considered one of his latest X posts.
BTC/XAU chart. Source: Jelle/X
Others were lower than convinced, including trader and analyst Northstar, who predicted that Bitcoin would lose 80% of its value in gold over time.
“Note that this was the primary cycle where Bitcoin did NOT make major recent highs against gold. Things could worsen as a consequence of capital rotation,” they told X followers.
BTC vs gold data. Source: Northstar/X
Bitwise CIO: Crypto Spring “Closer Than You Think”
In his own X article on Tuesday, Matt Hougan, chief investment officer of crypto asset manager Bitwise, also set a cut-off date for the present “crypto winter”.
“Here’s the excellent news: we’re closer than you’re thinking that,” he concluded.
Hougan argued that the recent downtrend actually began initially of 2025 and it was Bitcoin exchange-traded funds (ETFs) within the US that made much of last 12 months look like a bull run.
“As a veteran of several crypto winters, I can inform you that the tip of those crypto winters feels so much prefer it does now: desperation, desperation and malaise. But the present market decline has not modified anything fundamental about crypto,” he concluded.
“I feel we'll be back sooner moderately than later. Hell, it's been winter since January 2025. Spring is unquestionably coming soon.”
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