Why it matters?

The growing gap between gold and Bitcoin highlights a shift in investor behavior during periods of macro uncertainty. Similar divergences in the past have often preceded changes in risk appetite across global markets.

Gold Strength Supported by Rates, ETFs, and Central Banks

Gold’s rally has been underpinned by several macro factors. The US dollar slipped to a two-month low during the Asian session, providing additional support for bullion. Markets are currently pricing in a 76% probability of another Federal Reserve rate cut in January, further boosting the appeal of non-yielding assets.

According to the World Gold Council, holdings in gold-backed ETFs have increased in every month of the year except May. Central bank purchases and ongoing geopolitical risks continue to reinforce demand. As interest rates fall, the opportunity cost of holding gold declines, keeping investor interest elevated.

Bitcoin Under Pressure After Liquidations

Bitcoin remains under selling pressure following an hour-long liquidation event that wiped out nearly $200 million in long positions on Monday. The asset is still trading roughly 30% below its October peak of $126,210, reflecting weaker short-term sentiment.

While gold tends to benefit from uncertainty, Bitcoin often trades more like a risk asset. During periods of heightened caution, capital flows typically favor stability over volatility, limiting upside momentum for cryptocurrencies.

Technical Signals Draw Market Attention

The divergence between gold and Bitcoin has not gone unnoticed by analysts. Bitcoin’s Relative Strength Index against gold has fallen below 30, a level reached only a handful of times historically. Analysts note that previous occurrences often aligned with market bottoms, though outcomes have varied depending on macro conditions.

The BTC/Gold pair is also testing a long-term ascending support line that has held since 2019. The current Z-Score sits near -1.76, placing the ratio in oversold territory. Still, analysts caution that technical patterns alone are not enough to predict a reversal, especially with inflation remaining above target levels globally.

Liquidity Levels Shape Short-Term Outlook

Bitcoin’s liquidation map highlights key price zones that could influence near-term volatility.

• Approximately $740 million in liquidity sits above the market near the $92,113 level.
• Around $175 million in liquidity is positioned below price near $87,112.

This imbalance suggests that upside moves could trigger larger liquidation cascades. However, sustained momentum will likely depend on spot market demand rather than derivatives activity alone.

On-Chain Data Shows Mixed Signals

On-chain indicators reveal continued spot selling on Binance and Coinbase over recent days. While Coinbase briefly showed signs of net buying, traders are watching closely to see whether daily closes confirm a shift in behavior. Binance, meanwhile, has recorded spot selling for eleven consecutive days.

ETF-driven inflows previously supported Bitcoin’s price action. However, data suggests that some of these coins have been redistributed via Binance, making renewed spot demand on the exchange a key factor for price stability.

Macro Data Could Influence Market Direction

Markets are now focused on upcoming US labor data following a six-week government shutdown. Economists expect a modest 50,000 increase in payrolls and an unemployment rate of 4.5%, pointing to a cooling but resilient labor market.

Morgan Stanley strategist Michael Wilson notes that even moderate weakness in the data could strengthen the case for further rate cuts. Although the Fed recently reduced rates by 25 basis points and signaled a potential pause, officials have emphasized that current inflation levels do not reflect deeper structural pressure.

For now, gold continues to benefit from caution and uncertainty. Bitcoin, meanwhile, remains sensitive to shifts in risk appetite. Whether the gap between the two assets narrows will depend on how quickly investor confidence returns to higher-risk markets

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Bitcoin (BTC): Key Intraday Levels

BTC/USDT pair has gained 0.56% in the last 24 hours, trading at $91,227. If the bullish momentum continues, the next resistance levels are $91,834 and a stronger zone at $93,200. On the downside, support is found at $89,000 and $86,000.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Ethereum (ETH): The ETH/USDT pair has risen 0.36% in the past day, currently priced at $3,141. Resistance levels to monitor are $3,140 and $3,220, while support lies at $3,060 and $2,090.

ether.fi (ETHFI): The ETHFI/USDT pair has dropped 0.54%, trading at $1.63. Resistance levels are $1.68 and $1.87, with support zones at $1.54 and $1.45 if declines deepen.

Aptos (APT): The APT/USDT pair has fallen 4.63%, currently trading at $12.00. Resistance stands at $12.52 and $13.72, with supports at $11.42 and $10.10.

Arkham (ARKM): The ARKM/USDT pair has seen a 5.63% drop, now at $2.12. Resistance levels are $2.17 and $2.55, while support is found at $1.95 and $1.72.

Trending Coins

Among the most trending coins over the past 24 hours: DOG*TO*THE*MOON (DOG) (RUNES), Peanut the Squirrel (PNUT),Sui (SUI).

Top gainers include Casper Network (CSPR), Hedera (HBAR), and Comedian (BAN).

Biggest losers are Zerebro (ZEREBRO), Department Of Government Efficiency (DOGE), and HarryPotterOnamaSonic10Inu (ETH) (BITCOIN).

Bitcoin Liquidation Map

A glance at Bitcoin’s 12-hour liquidation map highlights a key liquidation point at $92,051 with $20 million on the upside. On the downside, $89,971 holds $22.5 million in liquidations.

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The post Current Status of Bitcoin and Cryptocurrencies – November 18 appeared first on Coin Engineer.

Lunde pointed out that these interactions now capture one liquidation per second rather than monitoring all liquidations, thus distorts the picture of the real market risk levels. Underlining that this issue has persisted for the previous three years, Lunde said: “Liquidation data from exchanges are bogus and a vast underrepresentation of actual liquidation volumes in the market.”

Analyzers and traders depend on liquidation data as they help them to grasp leverage ratios and market risk tolerance. Understanding the effect of unanticipated volatility and deciding if significant market occurrences, like Crypto Black Monday on August 5, when Bitcoin dropped rapidly below $50,000, completely eliminate leverage depend on accurate data.

According to the report, exchanges may be keeping an informational advantage for their own trading requirements or suppressing data for public relations reasons. Lunde claimed some exchanges even own investment firms with trading based on knowledge not known by the rest of the market.

While it may help some comprehend leverage flush-outs, tracking changes in open interest—a indication of the value of crypto futures yet to expire—may not fully represent the mechanics of the market during liquidation events.

Coinglass, a crypto derivatives analytics platform, shows that, at the time of writing, 83% of 56,958 traders liquidated during the preceding 24 hours equivalent to $156.7 million. Lunde, on the other hand, notes that this data also originates from the same interactions probably underreporting liquidation totals.

“For now, liquidation data are mostly erroneous entertainment and not actionable,” Lunde remarked. Lunde advised traders handling the erratic crypto markets to handle revealed data cautiously.

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The post Crypto Liquidations Likely Underreported, Researcher Warns of Misleading Market Data appeared first on Coin Engineer.