Trading Insights 05/09/25

Mike Larson
May 09, 2025

Chart of the Day 📈 5/9/25: Don't Look Now, But…BITCOIN is Back!

Mike Larson | Editor-in-Chief

Don’t look now, but…Bitcoin is back!

Prior to the last couple of days, “real” gold had been grabbing all the attention, hitting new highs above $3,500 an ounce before pulling back. The precious metal has been a “go to” asset for protection from the dollar’s decline and market uncertainty driven by tariffs and geopolitical chaos.

Meanwhile, “digital” gold spent the time since December 2024 trading sideways, then pulling back, then chopping around for a while. Crypto chatter went quiet.

But look at the MoneyShow Chart of the Day – a six-month chart of BTC-USD. You can see that Bitcoin popped more than 5% yesterday on solid volume, putting it firmly back in the six-figure-zone above $101,000.

Bitcoin (BTC-USD)

Source: Yahoo Finance

Secondary indicators like RSI have also been turning up. Unlike in the immediate aftermath of President Trump’s election, I’m not picking up on much crypto euphoria, either. Could that be a sentiment-based indicator suggesting Bitcoin has room to run?

We’re clearly coming into overhead technical resistance around the old highs. And I’d like to see more convincing evidence Bitcoin has broken the “tech-stock tie” to become a true, less-correlated, store-of-value asset.

But this is encouraging action – and it bears watching. Digital gold could grab the spotlight back from real gold if it keeps up!

3 Key Market Drivers Every Trader Should Focus on Now

Three major forces are driving markets here — and every trader should be focused on them. Check out my MoneyShow video update for the latest on how the Fed, the dollar, and the trade deals being announced or discussed could impact your trading accounts.

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