Crypto trading firm QCP Capital has compared the prices of gold and bitcoin! Why Couldn't Bitcoin Go Up? Here are the details

Bitcoin has yet to take advantage of a traditional safe-haven rally as recession fears grow and the Federal Reserve's attention shifts to downside economic risks, according to a new market update from crypto trading firm QCP Capital.

QCP: Bitcoin lags behind gold as Fed shifts focus to recession risk

"Unlike gold, BTC failed to capture the safe-haven offering," QCP said, noting that the widely promoted 'alternative store of value' narrative has failed to gain traction in the current macroeconomic environment.

Gold prices rose on recession concerns and expectations of a more accommodative stance from the Federal Reserve, while Bitcoin remained largely range-bound.

The firm emphasized that the investor position in the crypto market remains defensive, with participants still focusing on hedging against further declines rather than taking risks.

"There is a clear lack of conviction in BTC as a macro hedge at the moment," QCP said, adding that investors are prioritizing hedging strategies over aggressive accumulation as they expect more clarity from the Federal Reserve and broader macro signals.

The shift in sentiment comes as markets digest increasingly soft economic data and messages from the Fed suggest policymakers may pause or reverse rate hikes if recession indicators continue to rise.

Despite Bitcoin's resistance earlier in the year, QCP said that while current market behavior reflects uncertainty about its role in a potential downturn. For now, traditional safe-haven assets like gold seem to be stealing the spotlight.