Gold and Silver Start to Move Higher, Will Bitcoin Follow? (BTC Price Analysis)

Bitcoin price continues to remain inside the bullish ascending triangle, despite several attempts from bearish traders in the last three days to break through the pattern’s vital up-trending support. Bitcoin prices have been closely correlated with the two precious metals over the last several days.

When Gold and Silver took a dive, Bitcoin prices quickly followed and unraveled by more than $800. On the 4-hour chart, we can see that the current price action is sandwiched between the 50 and 100 EMA lines (red and blue, respectively).

Timeline of Bitcoin