Now gold is traded near its historical maximum of $ 3600, having received support last week thanks to the weak employment in the United States. Bitcoin remains in the side trend above $ 112,000.
The BTC/XAU ratio showing how much gold ounces are equivalent to one bitcoin is now 31.2 ounces per 1 BTC. The ratio fell from 40 ounces in December 2024 – this says that gold is becoming more attractive than the first cryptocurrency, trading analysts reported.
A similar pattern was observed in 2020 and 2022. If the story is repeated, Bitcoin may be in the process of forming a new bottom, preparing the foundation for the next rally. The history of bitcoin cycles indicates a breakthrough potential, which can repeat the previous bull trends, but only in the long run, the QCP Capital experts suggest.
The ratio of bitcoin to gold becomes a kind of barometer of moods in the markets of high -risk assets. QCP Capital analysts are convinced that the next few weeks can become a turning point for a crypto market and show which trend will form Bitcoin.
Earlier, the experts of the Cryptoquant onchain platforms reported that the total volume of bitcoins accumulated by corporate investors reached the record 840,000 BTC in August. However, the average size of purchases and volumes of transactions fell to the annual minimum.
Source: Bits
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