Bitcoin rally falters, gold eyes record $3.1K
Bitcoin had a mixed day on March 27, encountering headwinds from new US trade tariffs and broader macroeconomic data that dampened enthusiasm for riskier assets.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
Gold leaves Bitcoin in the dust amid tariff woes
As Wall Street opened, data from Cointelegraph Markets Pro and TradingView indicated a resurgence of volatility for Bitcoin’s price.
BTC/USD’s trading behavior mirrored the uncertainty seen in US stocks, reflecting the second estimate of US Q4 GDP which landed above the predicted median at 2.3%.
Concurrently, initial jobless claims came in lower than anticipated, potentially giving the Federal Reserve more reason to consider a hawkish stance on financial policy, possibly leading to increased interest rates.
However, the primary focus of market discussion was the tariffs on non-US-made cars, newly announced by President Donald Trump. These added to pre-existing worries about another wave of tariffs set to kick in on April 2.
“These tariffs are going to have MASSIVE implications,” trading resource The Kobeissi Letter stated in their X post, highlighting the UK’s substantial $10 billion auto export market to the US.
Already jittery from tariff concerns, risk assets struggled to make gains. In contrast, gold clearly benefited from the latest market developments.
XAU/USD reached new all-time peaks of $3,059 per ounce during the day, continuing its trend of appreciation while Bitcoin seemed to stagnate.
“Gold has now added +$7 trillion of market cap over the last 12 months. It’s also nearing $21 trillion in market cap for the first time in history,” Kobeissi further commented.
“Gold is telling us something.”
XAU/USD 1-hour chart. Source: Cointelegraph/TradingView
BTC price gets $91,000 short-term target
Despite the day’s pressures, some analysts maintained a positive outlook for Bitcoin’s price.
Related: Bitcoin price prediction markets bet BTC won’t go higher than $138K in 2025
Popular trader Titan of Crypto suggested a potential rise to $91,000, pointing to an upward breakout from a “bullish pennant” pattern on the 4-hour BTC/USD chart.
BTC/USDT perpetual swaps 4-hour chart. Source: Titan of Crypto/X
Adding to the positive signals, Titan of Crypto highlighted a breakout on the daily charts earlier in the week, signaling a possible end to a multi-month downtrend.
Building on this optimistic view, fellow trader Mikybull Crypto projected an even higher BTC price target of $112,000.
“Market structure is shifting – is the pump finally here?” another widely-followed trading account, Merlijn The Trader, wondered regarding the breakout.
BTC/USD 1-day chart. Source: Mikybull Crypto/X
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
