Gold is in a strong rally and has just broken through the $5,400 threshold — a new record. Meanwhile, Bitcoin seems to be reacting more cautiously to the same market movements. The comments from Fed Chair Jerome Powell appear to play a significant role here, especially regarding interest rate expectations.

James Harris and other market analysts point out that this divergence between gold and Bitcoin is interesting. Gold is clearly benefiting from the current macro environment, while Bitcoin is still waiting to see how the Fed's policy line develops further. It feels like we are at a critical moment where traditional safe-haven assets are outperforming crypto.

The question is whether Bitcoin will maintain this caution or if we will soon see renewed momentum. Powell's remarks will likely continue to set the tone for both markets for a while.