MW Bitcoin's attempt at a rebound runs into gold's recapture of $5,000
By Barbara Kollmeyer
Bitcoin has lost some of the strength it gained over the weekend. Blame gold.
Bitcoin's recovery run has been stifled somewhat at the start of the week by a bounce in gold that has taken the precious metal back over $5,000 an ounce.
The price of the No. 1 cryptocurrency (BTCUSD) fell 2.5% to $68,777, with U.S. equity-index futures (ES00) (YM00) (NQ00) also poised for a softer start after a sharp rebound on Friday.
Over the weekend, bitcoin passed the $71,000 mark, after a dramatic week for many assets. Bitcoin last week suffered its worst week since the FTX collapse, dropping to $60,057. The crypto has been steadily falling since an October 2025 all-time high of $126,272.76, though some investors refuse to give up on the cryptocurrency.
One factor blamed for the crypto's sluggish performance on Monday was a landslide victory for Japan's conservatives, which helped boost the yen against the dollar DXY. That was contributing to a gain for gold (GC00) on Monday, which pushed back over $5,000 an ounce. And as some analysts said that news wasn't great for bitcoin.
"While cryptocurrency prices have managed to bounce from last week's lows, there still seems no rush to pick up coins on the cheap. Gold's recovery back above $5000 threatens to stymie any crypto rebound before it even gets going," said Chris Beauchamp, chief market analyst at IG.
"The world's focus is back on old-fashioned things like oil and gold, while the wave of the future commentary centers around AI and not cryptocurrencies. Ultimately though cryptocurrencies need bullish momentum, and despite the recovery last week that is still lacking," he told clients in a note.
-Barbara Kollmeyer
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February 09, 2026 09:29 ET (14:29 GMT)
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