Bitcoin Gains Ground On Gold Even As Both Assets Slide
For six straight weeks, Bitcoin was losing the battle against gold. That streak has now reversed — and it has held for two weeks running, with Bitcoin up more than 4% against the precious metal this week alone.
Not everyone agrees with him. A section of the market has long argued that precious metals and crypto serve different investor profiles, and that a pullback in one naturally redirects money toward the other. So far this cycle, that has not played out in the data.
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The BTC/Gold Ratio Tells A Different Story
What complicates the “no rotation” argument is the BTC/gold ratio itself. Even as both assets fall in dollar terms, Bitcoin has been recovering ground relative to gold after bottoming near 12 ounces of gold per BTC earlier this month.
It has since climbed back to around 15 ounces. That figure still sits well below the middle Bollinger Band at 18 and far below the upper band at 26, but the direction has shifted.
Featured image from Unsplash, chart from TradingView
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