It's Do or Die for Bitcoin Versus Gold
Summary
Bitcoin is testing a key support level against gold, trading around 20 ounces of gold per BTC, its lowest since early 2024. Analyst Michaël van de Poppe highlights a bullish divergence forming at this support and suggests that Bitcoin is undervalued compared to overvalued gold, predicting potential upside. Historically, Bitcoin–gold bear cycles saw a long-term bottom when the weekly relative strength index (RSI) fell below 30, as is presently the case. Despite this optimism, some analysts warn that losing this support level previously triggered Bitcoin bear markets, and a further break is considered possible in the coming weeks. Bitcoin has also lost its three-year uptrend against gold, raising caution for near-term performance.
