The cryptocurrency market pared some of last week’s gains, with Bitcoin (BTC) trading below $65,000 on Monday. Gold (XAU/USD) kept a bullish bias, holding above $4,350, even as broader risk appetite softened.
Ripple (XRP) stayed above the $1.00 near-term support, but price action remained constrained beneath descending moving averages, which continued to weigh on the technical setup. Separately, Strategy (MSTR) said it sold roughly $109 million of BTC between 3 and 9 August to fund buybacks of its STRC stock.
Outlook and Strategies for Bitcoin and Gold
With Bitcoin slipping below the critical $65,000 threshold, we recommend derivative traders adopt a cautious, short-term bearish stance on crypto majors. MicroStrategy’s recent $109 million Bitcoin liquidation to fund stock buybacks has introduced unexpected sell pressure, which historically triggers a short-term cooling period. We suggest looking at protective put options with strike prices around $62,000 to hedge against further downside risk over the next fortnight.
In contrast, gold’s historic run above $4,350 highlights a powerful bullish momentum that traders should continue to exploit. This rally represents an impressive gain of over 60% compared to average prices in late 2024, driven by persistent safe-haven demand. We favor buying long-dated call options or entering long futures positions on minor pullbacks, targeting the next psychological resistance level near $4,400.
Ripple (XRP) Technical Setups and Trading Ideas
For Ripple (XRP), the token remains locked in a tight consolidation pattern just above the $1.00 support level while facing heavy resistance from key descending moving averages. Given that XRP’s daily trading volume has fluctuated heavily, we suggest utilizing a range-bound strategy like iron condors. We advise setting tight stop-losses just below $0.98, as a break below this key floor could spark a rapid liquidation event.
