Friday Crypto Edition: Is Bitcoin Replacing Gold?

$BTC $ETH $SOL $BNB $XRP $ADA

What an exciting day in the markets! As we noted in yesterday’s report (see the screenshot below), the positioning into the CPI was bullish, with strong call gamma on the weekly options up to $673–$680. The SPY closed at $677.25 right in our predicted range. We will share new SPX levels in our Sunday’s report.

We hope you capitalized on some of our trade ideas from yesterday. NBIS 0.00%↑ was up from our suggested $105 entry almost 12% and we still see a gamma wall at $120.

CIFR 0.00%↑ mining was up over 13% today and WGMI 0.00%↑ Bitcoin mining ETF moved over 22% since our Thursday’s post and trade idea (see below).

Overall, a lucrative end to the week!

Further, let’s examine this week’s action, where Bitcoin surged while gold prices tumbled, and review the key trading levels for $BTC, $ETH, $SOL, $BNB $XRP, and $ADA.

Bitcoin vs. Gold - What’s Next