2021 has left $40,000 as the key level for Bitcoin after the big jump above $60,000. Since then, the price has corrected and maintains the level mentioned as the support to watch out for. Meanwhile, the RSI shows no signs of an upward recovery. Since it continues to decline and breaks the oversold level. So investors apparently continue to sell their holdings.
Bitcoin has always been referred to as digital gold and Goldman Sachs makes an interesting reflection on the money invested in gold today, according to Zero Hedge. “The World Gold Council estimates that the private sector holds 44,000 metric tons of gold for investment purposes (ie, privately held bars and ETFs, excluding jewelry, official sector holdings, and industrial uses).”
According to the calculation of the experts, at 1,800 dollars per ounce at the current price, it means that they have 2.6 billion dollars in gold for investment purposes. “Bitcoin’s float-adjusted market capitalization is currently just under $700 billion. Therefore, Bitcoin currently has approximately a 20% market share of the “store of value” (gold plus Bitcoin),” according to Goldman Sachs.