Gold and Bitcoin slow down after the record run, what happens?

Gold and Bitcoin are protagonists of the markets after both recording a noteworthy rally.
Although the rush to new records has subsided during today's Asian session, the performance of the two assets remains in the spotlight of investors.
In general, analysts observe how the optimistic tone that has pushed stocks higher for weeks has changed to give way to a lower appetite for risk.
On the one hand, Asian markets are closing the session mixed as they wait to understand how much China will truly recover from the economic crisis.
On the other hand, there is excitement for new signals from Fed Chair Jerome Powell's testimony before Congress.
Cutting interest rates is becoming the thorniest issue on the markets, with the Fed and the ECB itself pressured to reduce the cost of money and initiate a change in monetary policy.
Also due to the two wars which increase the sense of uncertainty, gold and Bitcoin have room for significant increases.
Gold Shines Before Modering Gains Spot gold soared as high as $2,141 an ounce on Tuesday and traded around $2,124 in Asia on Wednesday.
The precious metal then hit an all-time high on Tuesday, with growing expectations of US monetary easing and continued geopolitical risk support activity by funds potentially pushing bullion further.
Also bolstering support are strong physical demand in Asia and central bank buying, as well as bullion's traditional safe-haven status.
Central banks have been net buyers of gold for eight consecutive months.
read also Gold or dollars? Beware of Correlations “The next few days, especially with the release of critical economic data and testimony from Federal Reserve Chairman Jerome Powell, will be crucial in determining whether gold can maintain its current trajectory or whether we will see a period of consolidation” , said Alexander Zumpfe.
senior precious metals trader at Heraeus.
Meanwhile, today traders will be faced with the release of the US ADP report on private sector employment and the JOLTS data on job openings.
The growing acceptance that the Federal Reserve will begin cutting interest rates in June, coupled with Tuesday's disappointing US macro data, keeps USD bulls on the defensive and continues to serve as a tailwind for the gold price.
Bitcoin on the swing, from high to low Bitcoin hit a record high for the first time in more than two years, but the cryptocurrency did not stay at its new all-time high for long mainly because many traders appear to have taken the opportunity to gain some profit.
The world's largest cryptocurrency hit a high of $69,202, surpassing its November 2021 all-time high of $68,999.99.
Investor interest has surged since the Securities and Exchange Commission approved 11 spot Bitcoin ETFs in late January.
It then reversed course and recently fell about 7% to $63,400.
read also Bitcoin above $65,000, is it a new beginning or the end of the race? Tuesday's volatile price swings were the latest example of Bitcoin's "boom" or "bust" nature.
However, the digital currency's nearly 160% rise since October, of which 44% occurred in February alone, marks a stark contrast to 2022, when the market was forced into an 18-month “crypto winter,” plagued by a series of high-profile corporate failures and scandals.
Bitcoin and cryptocurrencies in general have received a boost from the prospect of the Federal Reserve cutting US interest rates, which has convinced investors to divert capital into assets with higher yields or more volatility.
Additionally, some companies are adding cryptocurrencies to their corporate coffers.
In February, software company MicroStrategy said it had recently purchased around 3,000 Bitcoins for $155 million, while social media platform Reddit said in a regulatory filing that it had purchased small amounts of Bitcoin and Ether.